This reminds me of President Obama, the most divisive president in decades, claimed there were no red states and no blue states, but only United States. He was a uniter.
Sure, uniting behind his leftist agenda.
While the report is hardly a finished plan for Freddie Mac (the Federal Home Loan Mortgage Corporation) and Fannie Mae (the Federal National Mortgage Association), and going forward, countless opportunities will arise for everything to go awry, it is a very good start.
The report clearly explains the role that these entities, known as government-sponsored enterprises, or G.S.E.’s, played during the housing crisis, and it sensibly maps out a future with less pro-homeownership nonsense and a more responsible public sector.
The body of the report begins with an overview of the many public and private mistakes that gave us the Great Housing Convulsion of the first decade of this century, and its analysis of Fannie and Freddie during this period is satisfyingly scathing:
While Fannie Mae and Freddie Mac’s affordability goals were poorly designed and did not effectively serve their purposes (as detailed below), fundamental structural flaws and poor decision-making are the principal reasons these institutions failed.