Before the financial crisis, many Americans had never heard of Fannie Mae or Freddie Mac. Today, we own them.
The federal government took over Fannie and Freddie after bailing them out in 2008. The bailout cost taxpayers more than the bailouts of GM, Goldman Sachs, Bank of America and Citigroup combined.
By 2010, roughly 90 percent of all new mortgages issued in this country went through the U.S. government. For all intents and purposes, the $1.5 trillion U.S. mortgage market is now a government-run industry.
How did we get here?…