This is the money quote from an article by David Min:
Did Fannie and Freddie buy high-risk mortgage-backed securities? Yes. But they did not buy enough of them to be blamed for the mortgage crisis. Highly respected analysts who have looked at these data in much greater detail than [American Enterprise Institute's Peter] Wallison, [AEI consultant Ed] Pinto, or myself, including the nonpartisan Government Accountability Office [pdf], the Harvard Joint Center for Housing Studies [pdf], the Financial Crisis Inquiry Commission majority [pdf], the Federal Housing Finance Agency [pdf], and virtually all academics, including the University of North Carolina [pdf], Glaeser et al at Harvard [pdf], and the St. Louis Federal Reserve [pdf], have all rejected the Wallison/Pinto argument that federal affordable housing policies were responsible for the proliferation of actual high-risk mortgages over the past decade.
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