The central causes of the Savings and Loans debacle, according to this study, lay in the decision to substitute government regulation for the disciplines of the market.

Because two disparate clients demand loyalty from Fannie Mae and Freddie Mac, these government-sponsored entities must fulfill two ultimately irreconcilable roles.

The central causes of the Savings and Loans debacle, according to this study, lay in the decision to substitute government regulation for the disciplines of the market.

Because two disparate clients demand loyalty from Fannie Mae and Freddie Mac, these government-sponsored entities must fulfill two ultimately irreconcilable roles.