…Fannie/Freddie misbehaved in the years leading up to the pop. On that point, I don’t think anybody can quarrel that Fannie (at least) has an appalling record of institutional misbehavior:…

…Sep 8, 2012 12:45:00 PM Last year Fannie Mae, Freddie Mac and Ginnie Mae issued $590,300, $301,100 and $327,000 million in U.S. Agency MBS for a total of $1,218,400 million….

…Mae and Freddie Mac) and not (private-label MBS) means it will have eventually sold or pledged half of its Treasurys, limiting how many more of these tricks it can pull…