What would have happened?

• Shareholders would have lost money.
• CFC lenders would have lost money.
• Many of the 55,000 employees would be unemployed.

Other than that - what would have happened?  What do we know for sure?

• Would no other mortgage lender make a loan to CFC applicants?
• Would no one service existing loans?
• Would existing borrowers default more than they normally would have?
• Would the housing market crumble?
• Would the economy come to a halt?

Maybe you know the answers.  Maybe the Fed knows.  I have no clue.