The sins of Fannie and Freddie were bad enough: inadequate capital, accounting fraud,...

|By:, SA News Editor
The sins of Fannie and Freddie were bad enough: inadequate capital, accounting fraud, essentially writing most laws that affected them. But Joe Nocera says the one thing they didn't do was lead the private sector off the cliff with their affordable housing mandates and massive subprime holdings. "The reality is that Fannie and Freddie followed the private sector off the cliff instead of the other way around."