LOL no it is not.. only in right wing fantasy land.
Actually you are the one who has no idea what you are talking about. The above loans had a 2-3% default rate when the crisis was full blown with 30%+ default rate among the real problem... the unregulated private sector.
Yes and guess what.. Fannie and Freddie did not securitize the ****ing loans that actually were the root cause of the problem.. because they were not allowed too. And saying that Fannie/Freddie were "customers" is a bit strange. Countrywide was lending money and if those loans met the requirements set out by Fannie and Freddie, then these 2 institutions would buy aka securitize the loans. Since Countrywide was by far the largest lender in the US, the of course a lot of the legal loans went to Fannie/Freddie, since that is how the system is built... to push money into the banks so they can lend more, and doing it by Fannie and Freddie securitizing the loans they have. That is their whole freaking job.
Stop spreading freaking lies about what happen just because you hate Fannie and Freddie. It is a well established fact that the unregulated sub-prime mortgage created after the removal of Glass-Segall in 1996, was the root cause of the whole mess. It is also a fact that by the time the collapse happened, Fannie and Freddie were only holding aka securitizing under 50% of all loans consider "sub-prime". The rest... private sector and too crappy to be securitized by Fannie and Freddie. It is also a fact, that if it was not for Fannie and Freddie, then most Americans would be renters instead of owners..
Your view is a lie, and has been invented by far right wing think tanks and certain politicians.. it is simply not true.
http://www.nytimes.com/2011/12/24/opinion/nocera-the-big-lie.html?_r=0
Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act | Political Correction
Financial Crisis Narrative Flunks Reality Check: Jonathan Weil - Bloomberg View
and many many other sites out there, that say all the same ... your view is flawed and a lie.