The True Cause of the Subprime Meltdown
Here is the funniest explanation I have seen:
“I … lay the blame at the feet of Fannie Mae and Freddie Mac (and their congressional cronies), whose unchecked growth into second mortgages, subprime loans and many other assets — not to mention their continued creep into the upper echelons of the home-mortgage industry through their current lending limit of $417,000 — has pushed other mortgage-market participants further out on the risk spectrum in search of a livelihood.”
Penner, Ethan. 2007. “Fannie, Freddie and the Housing Bust.” Wall Street Journal (16 August): p. A 11.