The SEC filing today against former Fannie and Freddie executives is fraught with fascinating facts – did anyone know that Freddie was building a model to go even bigger into subprime when the bottom blew out? But, from a policy perspective, the facts in the filings also support a clear conclusion that, sin though the CEOs did, the affordable-housing goals didn’t make them do it. Instead, it was – guess what – the money.

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