A Paragraph in Today’s NYT story on Fannie Mae stands out to me

Specificially:

Mr. Mudd added that it was almost impossible during most of his tenure to see trouble on the horizon, because Fannie interacts with lenders rather than borrowers, which creates a delay in recognizing market conditions.

FWIW, I came late to the group of people who thought there was a housing bubble. But by 2005, it was clear to me that things were out of whack in San Diego, the Inland Empire, Las Vegas, Arizona, and Florida. If it was obvious to me, it should have been obvious to the CEO of a company in the mortgage business.