Fannie Mae and Freddie Mac have aggressively used their government support to achieve extraordinarily high profitability and domination of the residential mortgage market.

This book argues that privatization of the government-sponsored enterprises is the only viable way to protect the taxpayers and the economy.

Fannie Mae and Freddie Mac have aggressively used their government support to achieve extraordinarily high profitability and domination of the residential mortgage market.

This book argues that privatization of the government-sponsored enterprises is the only viable way to protect the taxpayers and the economy.

The increasing risks that subprime lenders have been willing to take have culminated in a debacle of rising foreclosures. So far, however, subprime defaults and foreclosures are lower than they were about five years ago, and the problem is likely to be confined to the subprime market, rather...