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November/December 2013, 
Vol. 95, No. 6
Posted 2013-12-20

GSEs: Where Do We Stand?

by William Poole

The author summarizes his ongoing concerns about the role of the GSEs in promoting homeownership and in socializing the risk inherent in home mortgages. He argues that the GSEs were undercapitalized and engaged in very risky lending that was subsidized by implicit government guarantees.