Contrary to my earlier post, Fannie Mae and Freddie Mac were involved in the subprime market. I'd done an interview with an expert earlier in the day and misunderstood a point he was making about the way they rated loans. The basic argument of the McCain post still stands: To blame Fannie Mae and Freddie Mac for the subprime loan crisis remains nuts. They were late to the business, and hardly the driving force. It's simply McCain's attempt to try and pin the crisis on some institution, any institution, related to Democrats. That said, my contention that "they were totally separate from the subprime market" is not, uh, true.
