Looks like Peter Wallison is telling more lies:
[Nocera] describes the views in the primer as 'dogma' -- by which he means opinions based on ideology rather than facts. But in our conversation as he was writing this article, he told me that his reporting "has shown that Fannie Mae and Freddie Mac simply followed Wall Street" into buying subprime and other risky loans. I told him this was wrong -- that as part of the Commission's work I have seen internal documents from Fannie and Freddie that show this particular mantra of the left to be a myth...
When the housing bubble took off--and when mortgage loans and MBSs became really risky--that's when Fannie Mae and Freddie Mac pulled back. The GSEs were dominant players in the market up through the end of 2002: most of the loans made through the end of 2002 are still good. The GSEs were small players by the start of 2004--which is when the mortgages that have turned out to be toxic assets started to come through.
Republicans. They lie. All the time. About everything.
