Fannie Mae

Although they played a part in the ensuing financial panic, noted economist Mark Zandi argues why Fannie Mae and Freddie Mac don't deserve to be blamed for the housing bubble.

J.P. Morgan's federally-back purchase of Bear Stearns holds billions in dubious "mortgage backed securities," and Fannie Mae and Freddie Mac are pumping hundreds of billions into the market. Time may be running out for the Federal Reserve.