Perhaps the best response to last week's Republican "presponse" to the Financial Crisis Inquiry Commission comes from the New York Times' Joe Nocera, who focuses on commission member Peter Wallison:

The only problem with Mr. Wallison’s theory is that it’s not, as they say, reality-based. Anyone who has looked at the role of Fannie and Freddie will discover they spent most of the housing bubble avoiding subprime loans, because those loans didn’t meet their underwriting standards. (Indeed, for most of their existence, Fannie and Freddie didn’t so much meet their affordable housing goals as gamed them.)