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Politics : THE WHITE HOUSE

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Jan 23 4:00 PM EST

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To: TimF who wrote (23319)	10/6/2008 2:12:54 PM
From: DuckTapeSunroof	Read Replies (1) of 25737

Re: I should have phrased that as "they where on the forefront of the secondary market for mortgages". Correct. Of course --- that was their assigned job, their raison d'etre. (The entire PURPOSE for their federally-protected existence: to make a secondary market in single home mortgages, and thus to promote single home ownership, and standardized mortgage products, in America. Ever since the Great Depression home ownership has been considered to be the rock upon which America's financial success was built.) Fannie and Freddie brought themselves down by using TOO MUCH financial leverage (a dangerous practice for anyone), but their primary mission still remains an American national interest. And, as I've said: 1) they did not originate any of these mortgage loans (either the 'good' ones or the 'bad' ones). and 2) the entire sub-prime problem is but a smallish sub-set of the entire global financial crisis... (which is comprised of much larger problems all strung together). Re: "Which in general is a good thing, but taking it to far was part of the reason we have our current problems." (One of a 'hundred reasons for' our current financial crisis... and by no means the largest portions.)

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