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"Fannie Mae is a company that should not exist in the first place. The government has no business sponsoring corporations, promoting housing over rentals, or spewing nonsense about the ownership society. All of the above, in conjunction with the Fed bailing out banks in 2001 by slashing interest rates to 1% is what created the housing bubble.

Allowing Fannie Mae to take on larger loans is not the answer. Fannie Mae should be dissolved. Here is the irony of the situation: The government wants "affordable housing" but is doing everything under the sun to prop up home prices."

Mike Shedlock / Mish
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