Are you as confused about the FM & FM business as I am? Thanks to this interview on C-Span with Peter Wallison of AIE I'm a lot less confused, but a whole lot angrier. He does a great job explaining in layman terms how the companies were managed, how the markets viewed them, and why congress (both parties) had an interest in keeping the status quo. In 2001, Peter Wallison wrote a book about these two companies predicting the meltdown we've all just witnessed.
(HT: Jonah Goldberg on NRO)
UPDATE: Read this great City Journal article from 2000 that gives background and context to the mess.
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