The GSE Public-Private Hybrid Model Flunks Again: This Time It’s the Federal Home Loan Bank System (Part 1)
The Stoop (NYU Furman Center)
MARCH 4, 2024
7 Additionally, GSE subsidies and privileges are crafted to largely avoid showing up as a federal budget expenditure, thus avoiding competing with other priorities for scarce tax dollars. 11 This core flaw of GSE design was described by then-Secretary of the Treasury Henry Paulson when F&F were placed into conservatorship in 2008.
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