Tim Cavanaugh on Washington's Lousy Real Estate Portfolio

These are tough times for government real estate policy. In December the Securities and Exchange Commission indicted six former executives from the failed government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, including former Fannie CEO Daniel H. Mudd and former Freddie CEO Richard F. Syron, on charges of fraud, alleging that the GSEs misled investors and the government in statements claiming they had minimal holdings of low-quality and subprime mortgage loans. It's no surprise to see federal housing bureaucracies failing, observes Reason.com Managing Editor Tim Cavanaugh. They just need to fail faster.