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.