The article Private sector loans, not Fannie or Freddie, triggered crisis tries to set the record straight. Here is a small sample of what is in the article:
Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.
During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.
Those of us who believe in fact based reasoning need to shout this information from the rooftops over and over again. Somehow we have to drown out the right wing media that want you to believe that the corporate world is as pure as the driven snow and the root of all evil is the government.
As the people’s mic showed Newt Gingrich (see Newt Gingrich and The Peoples’ Mic), they may have electric amplification, but we have numbers.