Houston (and Atlanta, and Birmingham, and Little Rock), We Have a Problem
Why Oh Why Can't We Have a Better Press Corps? (Another Pro-Publica Edition)

Fannie and Freddie Did Not Cause the Crisis

Once again, Richard Green's refutation of the right-wing hack claim that Fannie and Freddie caused the crisis by leading poor private-sector financiers to make stupid loans:

Richard's Real Estate and Urban Economics Blog: Charles Calomiris and Peter Wallison blame Fannie Mae for the Subprime Mess: Hmmmm. The loan performance on Fannie's book of business is substantially better than the overall mortgage market. And starting in 2002, Fannie Freddie (pink line) lost market share to ABS (light blue line). The data underlying the graph is from the Federal Reserve, Table 1173. Mortgage Debt Outstanding by Type of Property and Holder:

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