KThomp is absolutely correct. The GSE games we've been forced to watch are all about politics, with very little about good business practices or anything else interfering with those mostly bad political intentions. I would venture to say Fannie and Freddie only exist today because the banks and the government still need them. The banks for liquidity and the Feds if the banks foul up and quit lending. Plus the conservatorship arrangement--through federal taxes and ridiculous fees--brings in lots of money for the Treasury, available for any spending an Administration wants to hide with a cover.
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