Barney Frank's decision to 'roll the dice' on subsidized housing is becoming an epic disaster for taxpayers

There is more to this ugly situation. New research by Edward Pinto, a former chief credit officer for Fannie Mae and a housing expert, has found that from the time Fannie and Freddie began buying risky loans as early as 1993, they routinely misrepresented the mortgages they were acquiring, reporting them as prime when they had characteristics that made them clearly subprime or Alt-A.

The Price for Fannie and Freddie Keeps Going Up