The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
from Photographers' Blog:
Bangui, Central African Republic
By Siegfried Modola
Decades of poor governance in Central African Republic followed by over a year of sectarian conﬂict and chronic insecurity has crippled even the most basic government services in the country.
I dialed into a press conference today held by U.S. Congressman Brad Miller, a Democrat from North Carolina. He wanted to share his views on the suits filed by the Federal Housing Financing Agency (FHFA) against 17 banks over recovery on fraudulently misrepresented subprime mortgages. FHFA is seeking to cover losses on approximately $200 billion of mortgages purchased by Fannie and Freddie prior to their takeover by the government in the summer of 2008. Taxpayers have already covered $140 billion of FHFA losses from these bad mortgages and the amount is expected to go much higher.