Any reform that excludes Fannie & Freddie is a fraud

Losses sustained by a few financial speculators on one exotic derivative had nothing to do with the start of a global recession in December 2007 or the related financial crisis of September 2008. The core of the latter crisis was mortgage-backed securities per se, yet Goldman was only the twelfth-largest private MBS issuer in 2007. Fannie Mae and Freddie Mac were and are the biggest risk, so any reform that excludes them is a fraud.

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