Really Smart Thoughts on Irrational Exuberance, Housing, and the GSEs from Mike Konczal and David Min
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Securitization and Overleverage: A Call for Additional Research

Some Thoughts on Tyler Cowen s Points on the GSEs | Rortybomb

Mike Konczal:

Rortybomb: [T]he GSEs had political pressures to purchase private-label mortgages in 2007 as the credit market was freezing up, in a desperate attempt to unlock it.... This argument, and the graph above, is developed in Roosevelt Institute senior fellows Rob Johnson and Tom Ferguson’s Too Big to Bail: The ‘Paulson Put,’ Presidential Politics, and the Global Financial Meltdown Part II.  One could easily assume that they were buying the worst loans here, aggregating losses on the GSEs.  I’d love to see much more investigations into this...