Maybe even partisan leftwingers can understand this article on the housing bust?

[m.knox]

Maybe? But some are so intransigent that they may not.

http://city-journal.org/2016/bc0208ng.html

In providing this product, Fannie and Freddie achieved something “Rumpelstiltskin would envy,” explains McLean. By guaranteeing the home loans that make up the mortgage-backed securities that investors buy, Fannie and Freddie “took the worst possible investment” from a bank’s point of view, “and turned it into the second most liquid instrument in the world,” behind U.S. Treasury bonds. “Around the world,” by contrast, “the most common mortgage product is a shorter-term adjustable-rate mortgage,” she notes. In most other countries, homeowners must pay more when rates rise, thus insulating banks from this risk.

 

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