With the national new housing policy coming in to being, some projects of policy-based housing will be completed in China's 2012; meanwhile, China's housing-related financial problems will rise to the surface.These problems will probably become the right heel of Achilles, the most vulnerable part of China's development. So, comparing with the well-developed and prosperous housing market of America, especially how China learns from Fannie Mae and Freddie is a serious question to China's economy. We provide some suggestions in this paper, the most important thing for China's government is China should insist on reform guided by Market, which is the key point to solve China's real estate problem in the future. <<