Did Fannie and Freddie Cause the Housing Bubble? Part 2

Following the first of Daniel's articles
there started an interesting discussion...
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Daniel, even we make some errors. nadezhda below makes another interesting point - for us - you, me and U.S. - that bcuz of their RE loan size limits, it was not possible for FMae&Mac to even make the worst of the large ARMs, AltAs and subprime RE loans. True, that would have been much more true in the Sand State where the cost of housing exploded up above those lending limits. So, you might argue with me that the real reason that FMae&FMac did not make all those bad RE loan was that they COULD not.
But, that does not solve {y}our problem = Who DID make those loans?

And something else for you to consider, Who "services" those bad NAS securitized RE loans? Why the Big Three Bad Banks, of course - BankOAmer is no 1, Chase is no 2 and Wells is no 3. And, while FMae&FMac ARE doing modifications, those banks are not.
Why, Daniel?
Is it bcuz they originate those bad loans, then sold them to "The Suckers", but then kept them for the "servicing" profits?
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And, Daniel, please take a look at WHO is now being required to buy back some of the worst of the bad loans that were sold to FMae&FMac.

The names most often occurring are, would you believe this, BkOAmer/Countrywide, Chase/WAMU and Wells/Wachovia. As the SNL "Lady" oft said to U.S.: "Isn't that special."
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While the first point is important, what is also is that there is an OVERstating of the F&F problems by some/many, AND a total ignoring of the NAS - non-agency Securitized - RE loan problems.

Where are THOSE numbers? Jozef and/or Daniel? Show me the money, and/or where IS the beef?
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Jozef:
Your response to my first point was to answer the wrong question. We did not ask you to look up GSE numbers for U.S., as you showed U.S. anyone can do that. What we asked was WHAT are the non-agency securizations packages numbers?
For most of the dead zone years when most of the subprime and AltA loans were created, the non-agency RE loans were over 50% of the total RE market, and an even higher number in the Sand States = Cal, Nev, Fla & AZ. 
What ARE the non-agency bad loan number for THOSE state, for those bad loan years?
Go ahead, try to find them!
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Josef, do you really find it troubling that "fraudulent" RE loan practices by Countrywide, WAMU and Wichovia, which violated the contracts with F&F and U.S., are being returned to them, making THEM, as opposed to you and U.S., pay for their intentional fraud?
How very interesting, of you, to like being swindled.
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Jozef:
Your response to the second point is to suggest that you are unaware of the criminal investigations that are ongoing on both the Federal and SEC and local levels. We are not. While we could tell them some horrific stories about WAMU in WA, Cal and AZ, we have no reason to do so, bcuz they already have them. Even if you do not.

If you have not read these "tip of the iceberg" stories, you might find them interesting:Mortgage Lenders Seek Relief on Bad Debt Repurchases
http://www.businessweek.com/news/2010-05-27/mor...
Banks Say No. Too Bad Taxpayers Can’t.
http://www.nytimes.com/2010/06/06/business/06gr...
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