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Mike Konczal http://rortybomb.wordpress.com/2011/05/18/peter-wallison-discusses-fannie-and-freddie-for-the-american-spectator-or-where-are-the-fact-checkers/#comment-15969 : "The conservative talking point: half of all subprime and other high-risk mortgages were held by the GSEs!... This zombie argument finally got fully dismembered by Center for American Progress’ David Min in his recent report taking apart Wallison.... Wallison and Pinto claim that the GSEs were responsible for half of all subprime and subprime-like mortgages. They do this by making up a confusing definition of “subprime-like."... The fun part of making up your own definition is that it can be whatever you want it to be.... The three-card monte trick is pretty straightforward once you know where to watch. There’s a lot of statements that go: “Fannie and Freddie made a lot of subprime loans and other high-risk mortgages. And subprime loans had a 25% default rate!” And you naturally assume that the other high-risk loans must also have a gigantic default rate compared to regular mortgages. Except they don’t..."

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