They told me I was mad to build a castle on a swamp, so I built one - and it sank, so I built another one .....
Mr Raine, former boss of Freddie Mae, the giant US mortgage company, stated in written testimony to the House Oversight and Government Reform Committee that the housing crisis wasn't Freddie Mae's fault. No no, the world economy was already in free fall. Indeed, losing $14bn and now being run by the government was all the other boys fault mum, honest! The BBC poignantly states that Mr Raines left Freddie Mae following an accounting scandal!!
It strikes me that it was no more than greed all round, simple as that and Fannie Mae happily fed that greed to get fatter. Indeed, big corporate syndrome securing around half of the $12 trillion US mortgage market leads to arrogance and complacency. Let's say that again, $12 trillion!
The quote above is of course Monty Python. One day lad all this will be yours :)