When I add it all up, I do see pockets of excess leverage but certainly not a widespread excess. (fidelity.com)
This is how excess leverage gets purged from the system, and how pricing normalizes, with losses delivered to the overlevered. (alephblog.com)
We can all agree that Fannie and Freddie as business models were seriously flawed — private companies with a public charter, poor incentives for management, excess leverage for their book of credit risk, and so forth — and they are rightly being effigized for it. (businessinsider.com)