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Sunday, October 05, 2008

Fannie's Folly

Today's New York Times has an informative article on how the government egged Fannie Mae on to buy ever more high-risk mortgages during the current decade. One weakness of the article, however, is its failure to stress the government's implicit guarantee to stand by behind the government-sponsored enterprise, a guarantee we now know was all too real. The article is here.

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