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Since the financial crisis of 2008, scores of books have been written about its cause. Many of them, notably Reckless Endangerment by Josh Rosner and Grethchen Morgenson, placed much of the blame for the crisis on Fannie Mae and Freddie Mac. (Update: Although much of the narrative focuses on the expansion of Fannie Mae -- and its rising influence with members of Congress -- Rosner says his book names investment banks as the "main culprits" in the crisis. "No industry contributed more to the corruption...than Wall Street," he writes.)
Indeed, most observers believe Fannie and Freddie contributed to the housing bubble that burst in 2008, and only 20% of Americans view the government-sponsored enterprises (GSEs) favorably, according to a June 2013 poll by On Message Inc.
“Coming out of the financial crisis of 2008, Fannie and Freddie took on the role of central villains and have not recovered,” wrote pollster Wes Anderson. “The public image of these twoRead More »from Fannie Mae Didn’t Cause the Housing Crisis, Free-Market Ideologues Did, Former CFO Says