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Objective Recap of Accusations Levied at 'Big Banks' and MBA
Tuesday, December 8, 2015
The New York
Times has fired the first salvo in what already looks like a battle of
words between it and the mortgage finance industry with the Mortgage Bankers
Association (MBA) leading on defense. Times reporter Gretchen Morgenson on
Monday published a mammoth report - over 5,000 words, on what she claims has
been a long-term campaign by big banks to end the role Fannie Mae and Freddie
Mac (the GSEs) play in mortgage lending.
For its part MBA, never slow on the draw when it comes to press
releases, called the newspaper's allegations "inflammatory and unfounded."
None of the objective details should be a surprise, considering the
administration's and the MBA's efforts on risk-sharing and common
securitization are well-publicized. The surprise, or "news," in this case, is the accusation of wrongdoing.
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