I've been tied up of late, but after I ripped Mr. Penner's earlier piece on Freddie and Fannie, I'm pretty much obligated to say I love his take on what's gone wrong in the securitization market.
Of course, he might have read my piece on the failure of the mortgage industry, and how a consistent theme of fiduciary responsibility, or total lack there of throughout was at the heart of what's caused the market to shut down. But I seriously doubt it. Its long, rambling, and not that many people have read it.
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