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“There is plenty of blame to go around for the U.S. housing bubble, but not much of it belongs to Fannie Mae and Freddie Mac. The two giant housing-finance institutions made many mistakes over the decades, some of them real whoppers, but causing house prices to soar and then crater during the past decade weren't among them.”

“Too-easy credit and millions of bad loans made during the U.S. housing bubble paved the way for the financial calamity and Great Recession that followed. Today, by contrast, credit is too tight. Mortgage loans are particularly hard to get, creating a problem for the housing market and the broader economy.”

“Every light has a point where it is brightest and a point toward which it wanders to lose itself completely. It must be intercepted to fulfill its mission; it cannot function in a void. Light can go straight, penetrate and turn back, be reflected and deflected, gathered and spread, bent as by a soap bubble, made to sparkle and be blocked. Where it is no more is blackness, and where it begins is the core of its brightness. The journey of rays from that central core to the outposts of blackness is the adventure and drama of light.”