The primary purpose of this white paper is to provide an array of options for policymakers to consider in assuring insurance regulators have the best tools available to accurately value insurer residential real estate investments. The white paper details the impact of the housing and subprime market collapse on the insurance industry and presents views and opinions on the nature of the global financial crisis and the need for reform. The paper also traces the evolution of financing home ownership in the United States from the 1800s to the development of the GSEs and modern securitization to the private financial system and the subprime crisis. The paper analyzes the trends that have shaped the housing finance system with a focus on the dynamics of destabilization and the origins of crises.