2008-03-22 — prudentbear.com
Especially after the 2004 revelation of massive fraud and gross system inadequacies, a consensus developed in Washington that the GSEs needed both restraint and a powerful regulator (although the legislative details were much too slow to materialize). Apparently, all these justifiable concerns were chucked out the window this week in the name of “system stabilityâ€.
(Scroll down to the bottom for the essay.)
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