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March 27, 2014

Maybe … Freddie and Fannie weren’t the Main Cause of the Mortgage Crisis

“I’ve heard that charge numerous times from the Conservatives I know — that these government-supported agencies were the ones at fault for the “bad” Mortgages of last decade, and as a result responsible for the ultimate collapse of the Mortgage-Backed-Securities market. This they claim, this govt-charity for the poor, led directly to the Great Recession of the last decade — not the recklessness of Wall Street derivative inventors and their hedge-fund speculators.

“If that Fox-Falsism were indeed true — wouldn’t it be Freddie and Fannie who were the ones paying the Wall Street Bankers, and not the other way around?”


“But even those massive figures don’t compare to the cumulative damage Wall Street firms inflicted on homeowners and borrowers during the crisis, said Dennis Kelleher, chief executive of Better Markets Inc., a liberal nonprofit focused on financial reform.”


Read full Daily KOS analysis here.

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