The article argues that Fannie Mae and Freddie Mac do not deserve most of the blame for the housing bubble and financial crisis. It claims the private mortgage industry, which originated three quarters of risky subprime loans between 2004-2007, was the primary culprit. While Fannie and Freddie exacerbated the crisis after the fact, the author asserts they had lost significant market share by 2006 and could not have inflated the bubble. Overall, the document maintains most responsibility lies with the deregulated private mortgage industry and lack of oversight, not government-backed lenders.