1) In the late 1990s and 2000s, Fannie Mae and Freddie Mac bought and guaranteed large numbers of risky mortgages, leading to massive losses. Their executives received huge bonuses despite fraudulent accounting. 2) Attempts to increase oversight and regulation of Fannie Mae and Freddie Mac in the early 2000s were blocked by Democrats who had received large political donations from them. 3) The risky practices of Fannie Mae and Freddie Mac ultimately led to their bankruptcy and taxpayer bailouts totaling billions of dollars during the 2008 financial crisis.