Congratulations, Taxpayers! Fannie and Freddie Risk Now Yours

Congratulations! If you are an American taxpayer, you now own a share of the risk held by two firms that own or guarantee around half the mortgages in the country, says Joel Bowman. And this at a time when home prices are plummeting, inventories are swelling, foreclosures have reached an all time record and unemployment skipped along to a five-year high of 6.1%, further weighing on demand for new...