Don't Be Hatin' on Fannie and Freddie for the Private Sector's Mistakes

Krugman says Fannie and Freddie have alibis at full bubble expansion:

Fannie/Freddie did some bad things, and did, it turns out, get to some extent into subprime. But thanks to the accounting scandals, they were actually withdrawing from the market during the height of the housing bubble — the vast majority of the loans now going bad came from the private sector.