Yes. Yes conservatorship was legal. And necessary. There was way too much smoke to not assume the GSE house was on fire. All appearances were that Fannie was out of control. It is splitting hairs to not call that fact a "death spiral" of responsible behavior as one of the country's largest financial institutions. Morgansen and Rosner were on the same page, way back when, as well as the press corps,by my recollection.
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