And it should have been clearer about debunking the GSE thesis. This is good, but it doesn’t mention Fannie and Freddie:

Other analysts say the lure of profits, not government encouragement, prompted companies to get into subprime. From 2001 to 2005, private lenders’ share of mortgage-backed security issuance rose to 55.2 percent of the market from 19.7 percent.

Bloomberg had the right idea with this piece, but its execution was a bit off.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at