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What Was The Role Of Fannie And Freddie In The Financial Crisis?13:54

This article is more than 8 years old.

The official Financial Crisis inquiry Commission said that the financial crisis was caused by lax regulation, Wall Street greed, and excessive risk taking by investors.

One member of the commission, Peter Wallison of the conservative American Enterprise Institute, sees it differently — Wallison blames government Housing policy for the crisis and says the mortgage lending giants Freddie Mac and Fannie May were responsible fro implementing that policy.

New York Times Business columnist Joe Nocera has picked a fight with Wallison over that interpretation. Nocera says the agencies committed sins but they didn't start the crisis.


  • Joe Nocera, New York Times business columnist

This segment aired on January 12, 2012.

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