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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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      "text": "So the portfolios are poison. They aren’t really needed to carry out the function of Freddie and Fannie.",
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      "text": "The portfolios are what really got them into the trouble. The portfolios were the ways that the managements of Freddie and Fannie tried to juice up the earnings... So the portfolios are poison.",
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      "text": "\"The portfolios are what really got them into the trouble. The portfolios were the ways that the managements of Freddie and Fannie tried to juice up the earnings, basically, because the insurance guaranteed that they were given that mortgage. I always thought that made a lot of sense. But the portfolio operations enabled both of those entities to use, in effect, government-related borrowing costs and sort of unlimited credit, to set up the biggest hedge fund in the world...So the portfolios are poison. They aren’t really needed to carry out the function of Freddie and Fannie.\" — Warren Buffett, 9/8/2008",
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      "text": "Source: CNBC interview. https://www.cnbc.com/2008/09/08/transcript-video-warren-buffett-tells-cnbc-treasury-did-exactly-the-right-thing-on-fanniefreddie.html",
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