The GSE Conservatorships: Fifteen Years Old, With No End in Sight
The Stoop (NYU Furman Center)
SEPTEMBER 5, 2023
Under the pressure of the financial crisis, in mid-2008, the market began to lose confidence in the implied guarantee given its informal and unwritten nature. 7] Because Congress had set up the GSEs through legislation, the Obama administration believed it was up to Congress to develop revisions to that legislation to eliminate these defects.
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