(Readers of American Banker probably don’t need to have the numerous errors in the sentence above corrected. For one thing, Fannie and Freddie never sold whole loans to banks. More broadly, investors in GSE-guaranteed securities never lost a penny on credit; it was the implosion of private-label MBS - packaged and sold by securities firms, diversified large banks and finance companies like Countrywide - that precipitated the crisis.)
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