I was involved in that industry for decades. I watched Fannie and Freddie turn from liquidity tools into social engineering tools.
The liquidity tool idea was a good one; the social engineering was an incredibly bad one. I saw it coming when Congress and POTUS took an interest in what was going on there and insisted on "tweaking" what was once the defining authorities of prudent single and multi-family loan underwriting into something else entirely.
Politicians and cops can screw up a wet dream with little or no effort.
posted on 01/02/2013 3:37:12 PM PST
( Member of the Original Defiant Class)
posted on 01/02/2013 4:23:43 PM PST
by Osage Orange
( Liberalism, ideas so good they have to be mandatory.)
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