We must consider this, that Fannie and Freddie don’t own title to the mortgages they supposedly hold;
It sounds as though Fannie and Freddie own a lot of mortgage-backed so-called securites that actually are nothing of the kind. It ocurrs to me to wonder, didn’t the Bank of England use its QE program to take MBSs off the hands of banks, making the MBSs the property of the UK taxpayer? Is the BofE going to be issuing subpoenas too to find out whether it genuinely holds title to any of the mortgages which supposedly back these securities? Will it, along with many UK pension funds and presumably UK banks too, be suing for its money back on the basis it never got what it paid for?