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A Bold Proposal For The Mortgage Mess

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The government worked hard all weekend to come up with a solutions to the impending failure of Fannie Mae and Freddie Mac. The Treasury will stand ready to buy equity in the entities, giving the government ownership of the means of financial destruction, and the Fed will let them borrow from the discount window. It's all last week's stories in one!
But wouldn't it be simpler for the government to combine the two entities into one? Our friends over at Bandarlog suggest the government create a new Broad Restructured National Mortgage Acceptance Corporation. Yes, that's right. Let's do this Bernie Mac style.