Doug thinks so, but I'm not so sure. First of all, we're not talking about a huge amount of money. There is some limit where a credit union would lose its effectiveness; but there *are* "large" credit unions, and they don't seem to be part of the problem.
> They'll put the influx into Ginnie and Fannie.
And that's bad exactly how?
Joe Nocera has a good op-ed today:
An Inconvenient Truth By JOE NOCERA
Fannie and Freddie could have led a housing recovery - if they hadn't become crippled wards of the state instead.
Yet these real sins have been largely overlooked in favor of imagined ones.
Over at the conservative American Enterprise Institute, two resident scholars, Peter Wallison and Edward Pinto, have concocted what has since become a Republican meme: namely, that Fannie Mae and Freddie Mac were ground zero for the entire crisis, leading the private sector off the cliff with their affordable housing mandates and massive subprime holdings.
The truth is the opposite ...