Most of the erosion in credit standards happened on Wall Street, it didn't happen amongst the GSEs. Wall Street led with the securitization of subprime loans, they led with the securitization of non-performing loans, loans that didn't fit the Fannie and Freddie standards. So, they really were the engine.
~Franklin Raines, former chairman and CEO, Fannie Mae, CNBC, May 4th, 2010
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