Role of Fannie, Freddie failure in crisis has been underplayed: ex-Fed’s Warsh

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In identifying the events that left the global financial system teetering in autumn 2008, too little attention has been paid to the move to take Fannie Mae and Freddie Mac into conservatorship, says Kevin Warsh, who until last month was a governor at the Fed.

Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that acted as the backbone of the US mortgage industry, were taken into conservatorship on September 7, 2008.

And in one of his last interviews before leaving the F

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