I have to agree with Kevin... the private mortgage market created the mess. The government did not cause the mess, unless you are saying that they failed to adequately regulate the private sector. However, since you don't think they should be involved, you shouldn't be faulting them for that (though I do.) This is a prime example of what happens without sufficient government oversight.
My only concern is that the government is attempting to help by doing exactly what the private industry did, and failed - lowering standards and buying bad loans.
Best,
Robert A. Franco
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