Misunderstanding the mortgage crisis

In his July 29 letter, “Stop blaming big banks,” Robert E. Long claimed “we now know” that the mortgage crisis was caused by a lowering of mortgage loan standards by Fannie Mae and Freddie Mac to meet the politically motivated housing goals mandated by the Clinton and George W. Bush administrations. There is nothing new about this hypothesis; it was considered, along with several other explanations, by the members of the Financial Crisis Inquiry Commission, whose...

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