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The Demise of Fannie and Freddie
David Frum
Published: July 17, 2008 07:29
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Excerpt: {magazine_leadin}{magazine_body}The shapers of the U.S. mortgage finance system hoped to achieve the security of government ownership, the integrity of local banking and the ingenuity of Wall Street. Instead, they got the ingenuity of government, the security of local banking and the integrity of Wall Street. This month, shares of the two U.S. mortgage companies Fannie Mae and Freddie Mac collapsed. Freddie’s shares have lost 70 percent of their value in a week; Fannie’s 55 percent. Fannie and Freddie are technically known…
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