The Size Of The GSEs Role In The Credit Crisis

See GSE Fact of the Day by Greg Mankiw.

"From Peter Wallison (WSJ 7-12-11):

Edward Pinto (a former chief credit officer of Fannie Mae, and now a colleague at the American Enterprise Institute) presented the evidence to the commission showing that by 2008 half of all mortgages in the U.S. (27 million loans) were subprime or otherwise risky, and that 12 million of these loans were on the books of the GSEs."