Now comes FHFA attempting to play Captain Save-A-Ho to protect the honor of Fannie and Freddie. The only problem is Fannie and Freddie were and are part of the problem. Just like the banks, they turned a blind eye to the abuses that were going on during the boom. Fannie and Freddie did nothing the banks weren't doing up until the government take over...

Even if FHFA is successful in their lawsuit, they won't receive anything near $30 billion. In the off chance that they do receive the full amount, it will only put a small dent in the growing and never ending debt Fannie Mae and Freddie Mac keeps accumulating nor will it save Fannie and Freddie. This is in part because of Treasury's role in using Fannie and Freddie as the Love Canal for toxic mortgages in 2007.

There is a little partisan bitching at the beginning, but this article gets real good after the first couple paragraphs (yet is short overall; just a page).

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