Peter Schiff writes:
In theory, Fannie and Freddie were originally created to help provide affordable housing. In reality, like all government programs, they achieved the opposite. Rather than making houses more affordable, they merely enabled buyers to overpay for them.
In the end, the benefits are limited to those who benefit from inflated home prices. This includes realtors, who earn higher commissions, governments that collect higher property taxes…
Which was the goal. The government’s solution to the mess they created? More inflation.