The always-important question of what Fannie Mae and Freddie Mac charge for loan guarantees is emerging as a central issue in the development of a stable housing finance market.

Guarantee fees — or "G-Fees" — is a perennially hot-button topic. But two recent government actions, and industry responses to them, show the issue is growing in relevance as policymakers debate the government-sponsored enterprises' future and the private-label market tries to relaunch.

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