It is amazing to witness the financial reform legislative debate; Congress is completely off target. By refusing to tackle the Fannie Mae and Freddie Mac problems, Congress is essentially wasting its time.
The two housing GSEs fueled the housing bubble by making it easy to get a mortgage. By watering down the rules, total mortgage debt in the country grew from $2.8 trillion in 1992 to $10.2 trillion in 2007, when things began to fall apart. Once private sector companies, the government took over Fannie and . . .
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