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Fannie & Freddie
Fannie Mae and Freddie Mac: the mere mention of them arouses passionate anger in many people.  Rightly so.  These two entities, which had taxpayer guarantees, ran their businesses as if they were privately owned.  Fannie and Freddie made huge bets on the housing market.  If it had been their money and their loss, then there would be no problem.  But their mistakes took taxpayers down as well.
 
What went wrong and what needs to happen?  Fannie Mae was born from the Great Depression in the 1930s to help bring mortgages to the ailing housing market of the time.  Fannie was a government corporation (not a private corporation) with the single mission of increasing liquidity by buying up soundly underwritten mortgages.  Because of Fannie and its government status, 30-year fixed rate mortgages became widely available.  Canada and Britain, for example, do not have long-term mortgages, or least not at low cost, because they do not have a Fannie equivalent with government guarantees.
Fannie, as a government corporation, like the current the Federal Reserve for example, never needed taxpayer funding because its revenue always covered its cost of operation.  Fannie was a very boring entity with very boring business model, always playing ... more

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