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It took 9 months and a 26-page government report to realize this?
Conservatives have long been warning that federal programs like the Community Reinvestment Act would build an inflated housing market resting on shaky foundations.
In fact, the report explains how Fannie and Feddie--government programs exempt from the oversights governing other publicly-traded firms--"privatized their profits but socialized their risks."
CNSNews reports.
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