What I meant to say is, Fannie and Freddie no longer purchase subprime mortgages (not since the crisis). You’re citing numbers from 11 years ago, and the struct

What I meant to say is, Fannie and Freddie no longer purchase subprime mortgages (not since the crisis). You’re citing numbers from 11 years ago, and the structure of the market has changed considerably since then. Subprime specifically refers to low credit scores (below 620), which is purely in the private market now since Fannie and Freddie no longer buy those. Whether or not you agree with the risk assessment of lending to low income borrowers, it is strictly not the same thing as subprime lending.