With this quote alone (from above link), they are discredited:
“Here in the U.S. we had Fannie, Freddie, FHA, the Federal Home Loan banks and a host of other federal initiatives to make homeownership more affordable and accessible for all.
Billed as “democratizing” access to homeownership through subsidized (“insured”) and highly financialized debt markets, these long trending scams worked to lower the bar to the point that virtually anyone could get their piece of the American dream…. at least temporarily.
Of course, this fraud went the way they all do eventually collapsing and resulting in huge collateral damage, millions of foreclosures, bad debts, skyrocketing unemployment and a global economy in shambles.”
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Posted this elsewhere, this myth of the “evil GSEs” needs to be put to rest:
Key Findings:
[Okay, for some reason, I’m not able to copy it over. Please check out the news release from September 13, 2010 regarding Fannie/Freddie stats vs. private-lable MBSs.]
