Sean King

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San Juan, Puerto Rico, United States

Sunday, January 3, 2010

Fannie and Freddie to Cost Taxpayers $400 Billion

Lax regulation of Fannie Mae and Freddie Mac led to the mortgage companies taking on too many risky loans, Wallison said.

“It turns out it was impossible to regulate them,” he said. “They were too powerful.”

That's a fancy way of saying they'd bought off too many politicians.

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