Because Fannie and Freddie can borrow at a subsidized rate, they have been able to pay higher prices to originators for their mortgages than can potential competitors and to gradually but inexorably take over the market for conforming mortgages.2 This process has provided Fannie and Freddie with a powerful vehicle and incentive for achieving extremely rapid growth of their balance sheets.
This gives me reason to hope that he can look back on happy memories of this city when he now visits it to attend the meetings of the ECB Governing  1/3  BIS - Central bankers' speeches  Council.