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The Fannie and Freddie Hate Storm

"Yes, we had a housing bubble. Yes, we had deterioration in lending standards. Fannie and Freddie had a role in both. And bordering on lunatic is the claim that Fannie and Freddie came late to subprime so are innocent of the consequences. Even if the premise were true, by definition the last money in, not the first money in, defines a bubble."