Over at Barry Ritholtz’s “The Big Picture,” Bill Black has been publishing a series of posts on how mortgage lending should be regulated. Black, who is the author of “The Best Way To Rob A Bank Is To Own One,” does an admirable job at pointing out how pervasive fraud arises and undermines market discipline.
Peter Wallison more or less demolishes the conventional wisdom—and now the official Federal Crisis Inquiry Commission view—when it comes to the collapse of Fannie Mae and Freddie Mac.