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Joe Nocera On The Economy's Inconvenient Truth

Fannie Mae

First Posted: 12/20/11 05:15 PM ET Updated: 12/20/11 05:15 PM ET

There is so much about Fannie Mae and Freddie Mac that we should be angry about.

In their heyday, these strange hybrids — part corporation, part government agency — were the biggest bullies in Washington, quick to bludgeon critics who dared suggest that their dual missions of maximizing profits while making homeownership affordable for low- and moderate-income Americans were incompatible. They steamrolled their regulator and pushed back at any suggestion that their capital was inadequate.

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Filed by Maxwell Strachan  |