It finally happened. The GSEs are no longer private corporations. The bailout is finally here. I called this bailout on Oct. 5, 2005, and was teased or ignored. History teaches us we forget history. I have been lamenting (whining) for the past several months that nothing has really changed since last summer when the credit markets imploded. Sure, we had the stimulus plan and the housing bill become law, and the New York attorney general wrangled a deal with the government-sponsored entities (GSEs) to change the way mortgage brokers and appraisal management companies are involved in the mortgage process. The housing bill created the FHFA, which was a new and improved OFHEO, which was in charge of GSE oversight. GSEs have been taken over and we are in bailout mode. Its fair to say this is the worst mortgage crisis in history. Why the GSEs were doomed They had an unfair advantage over competitors because they were protected by the federal government. That's the very same gover...
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