Those quasi-governmental corporations should have been more closely monitored and regulated long ago. They were formed for a specific purpose, and yet were allowed to become interest rate arbitrageurs in an artificial market using our tax dollars. Also, the whole concept of packaging and securitizing mortgages has gotten completely out of hand.
One good thing that may yet come of this is the sweeping overhaul of our financial regulations that many are working on. Time will tell if the reforms are effective and meaningful, or just a set of handouts to the industry.