Institute Chairman Mike Milken moderates our annual discussion on the state of the credit markets, joining a panel of seasoned investors. The future model of the $10-trillion housing finance market is unclear as Congress debates plans to wind down Fannie and Freddie. What are the tradeoffs involved in denationalization, and what opportunities would it present for investors? Washington is also taking increased interest in the role of so-called non-bank-banks, which provide capital access for small and medium businesses. What's the outlook for business-development companies and vehicles such as collateralized loan obligations in view of the Dodd-Frank financial overhaul? Is corporate debt overvalued, having reached the largest share of the U.S. bond market ever? The high-yield market--which has doubled in size over the past five years and is now at $2 trillion--has provided remarkable returns since the crisis, but do we face a reckoning? And are U.S. investors turning to Europe's fast-growing high-yield market for opportunities? What niche areas of the credit markets are investors exploring in the search for yield?