That’s basically the impulse behind President Obama’s plan, released yesterday, to subsidize the purchase of private-label mortgage-backed securities (MBS), the most corrosive financial product in the U.S. economy over the past 80 years. Obama, like many in Washington, is concerned about the massive $4.2 trillion portfolios of government-sponsored mortgage purchasers Fannie Mae and Freddie Mac, and the subsequent taxpayer risk if the market stumbles.
President Obama Fannie Mae and Freddie Mac Plan | New Republic
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