This is a great article written by Kevin Villani who was senior vice president and chief economist at Freddie Mac from 1982 to 1985.
American Banker-
In the 1980s Freddie Mac had a marketing campaign “The Gnomes Know,” touting their expertise in mortgage markets. Now the Federal Housing Finance Agency has filed a $200 billion lawsuit against 17 of the nation’s largest mortgage lenders arguing that during the subprime lending debacle of the last decade the gnomes didn’t know!
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