Fannie and Freddie: The Exit Doors are Shut

"Not that the Obama administration has to hear the truth from the bankers anymore: Washington has long since realized that truth. Which is that without Fannie and Freddie, and the 80% stake the US took in them in 2008, as well as the unlimited financial guarantee issued by Tim Geithner at the end of 2009, it's not just the housing industry that would instantly collapse. The banking industry would, like a shadow, rapidly follow in its footsteps."