“Fannie Mae is a classic crony capitalist progeny of the New Deal that began life in 1938, quite innocently, as still another ad hoc New Deal program to boost the depression-weakened housing market. It grew into something quite different: a monster that deeply deformed and corrupted the nation’s entire financial system seventy years later. The policy aim of Fannie Mae was ‘forcing water to flow uphill’ in the residential mortgage market so that low-rate thirty-year home mortgages became available to wage-earning households of modest means. Such mortgages did not then exist for a good reason: they were not economic.”
https://mises.org/daily/6440/The-New-Deal-Origins-of-Fannie-Mae-and-the-GovernmentHousing-Complex
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