Examining some of the investments behind Freddie Mac's loss last week would be beneficial to policymakers, Gretchen Morgenson writes. Freddie Mac posted a $6.7 billion loss, requiring a $10.6 billion capital infusion from the government. There are serious delinquencies in its single-family conventional-loan program and its inventory of foreclosed properties is rising. Yet reform of the GSEs is nowhere to be found in the larger debate of financial-institution reform.

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