Slow-Motion Mortgage Wreck

Over at Naked Capitalism, there has been a lot of talk about the risk of default in Fannie Mae and Freddie Mac. As someone without a mortgage or a home part of me is kind of enjoying the whole debacle since I rather foolishly half-believe that I can sit on the sidelines and watch this slow-motion wreck wind its way across America and, increasingly, Britain. However, the implosion of either of these two companies would make Bear Stearns look like a minor blip on the financial radar. Continue reading

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