Read the offering circular for FNMAS as it circulated in 2007. It fully acknowledged that Fannie Mae knowingly was amassing a much larger number of subprime and Alt-A mortgages from banks. The GSEs failed to control the riskier loans they bought to engorge their market share and bonus awards for executives. This triggered a class action lawsuit for fraud which was settled and paid in 2013 by recollection.
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