INTELLIGENCER JOURNAL

KUDOS for their insightful Sept. 18 editorial "Distorting lessons."

The article points out that the troubles that plagued Fannie Mae and Freddie Mac did not result from their lending policies, but rather from the fall in housing values due to the irresponsible sub-prime lending by others. "It was private financial institutions that developed the subprime mortgage market, and private firms created the complex mortgage derivatives that infected mainstream investors with the subprime virus. Only then did Freddie and Fannnie's weaknesses become fatal."

From time to time the Intell publishes some very scholarly editorials. Whether they are taken from a syndicated service, written by local experts, or developed by its own staff is a matter of our curiosity. But it doesn't really matter. The importance is their quality.