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The phrase "almost bit players" refers to the quantity and type of loans they were making - by comparison to Wall St., they were choir boys in 2005-2006 when the housing bubble peaked.
Oct 29 12:39 pm
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All Comments by Tim Iacono »Mortgage Finance: From the GSEs to Wall St. and Back Again [View article]
The systemic risk that Greenie saw in 2002-2003 was that the mortgage market was too heavily concentrated in the GSEs which had an implied guarantee. So, he was instrumental in cutting back their mortgage holdings and Wall St. took up the slack.