Sep 4, 2011

As Ironic as Rain on Your Wedding Day

The FHFA’s sweeping lawsuits against 17 banks, filed Friday afternoon, seem to be largely like a case of case of two family members slugging it out in court, with the government turning against the very banks it has spent billions of dollars bailing out.

But when it comes to the mortgage crisis, it’s going to be hard for Fannie and Freddie to plausibly argue that they were victims: They were accomplices.

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