The Single Most Important Post About the Housing Crisis

There is a good reason that newspapers are, and will continue to lose out to blogs in terms of viewership. Generally the quality of blogs is low, but I just read a post that may be the single most important piece of reading to truly understand why the subprime mess has exploded into a national crisis. The post comes from Bill Burnham's blog "Burnham's Beat", a source I usually read to get the latest on happenings in the world of venture capitalists.
But in a turn that demonstrates why blogs are destined to be a superior information source, Bill apparently did some consulting work for Fannie Mae back in the day. His inside look into the machinations and, more importantly, motivations that drove the Fannie Mae executives and their business model is fascinating. This is inside baseball and this is definitely not stuff you get from the media (okay, maybe sometimes from Gretchen Morgensen at NYT).
I think his post unearths the prime mover of the subprime fiasco.
It's a difficult technical read, but I think it's important if you really want to understand what got the stone rolling downhill for our real estate market. Critical thinkers should enjoy it.
Thanks Bill!