Fannie Mae-No Politics (FNMA)

[Blushing green]

Wallison's writing on the cause of the Financial crisis of 2007–08 have brought much comment. In December, 2011, the New York Times financial columnist Joe Nocera stated that Wallison had "almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis." [11] Calling it "a big lie," Nocera suggested that Wallison had engaged in a deliberate deception. Economist Paul Krugman has also accused Wallison of deception,[12] criticizing him for — among other things — attacking Fannie and Freddie in a magazine article just a year before the subprime mortgage collapse for not doing a "better job of providing affordable home financing to a neglected portion of the mortgage market." This neglected portion consisted of "African-American ... Hispanic", and "low-income borrowers".[13][14][15] Wallison cites New York Times columnist Gretchen Morgenson exposing how "Democratic political operative Jim Johnson turned Fannie Mae into a political machine", and dismisses the exoneration of the GSEs as "the big lie."[16]