Policy makers need to stand up and take responsibility for their actions. The housing bubble and its aftermath arose from market distortions created by the Federal Reserve, Government backing of Fannie and Freddie, the Department of Housing and Urban Development, and the Federal Housing Authority. We are experiencing the unfortunate results of preverse government policies. Yet these policies have not changed and fannie and freddie still remain in business. While they are in dire straights I say let them fail. They have cost taxpayer billions over the years and should be left by the wayside along with the community reinvestment act.
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