Mezz is Four Letter Word

I want to hear the refrain about how this whole thing is Clinton's fault. I think it is not clear how much commercial mezz debt Frannie and Freddie hold.

Mezzanine Debt Loses Its Shine With Investors - WSJ.com:
Firms made an estimated $50 billion to $75 billion in mezzanine -- dubbed 'mezz' -- loans, debt that fills the gap between the borrower's equity and the first mortgage. Billions of dollars already have been lost and the figure is likely to balloon as the steep downturn in the commercial-property market deepens.
The losses are sending shock waves through the rough-and-tumble world of office buildings, shopping centers, hotels and other commercial properties, which are only now facing the full brunt of the recession. Mezz debt was one of the biggest culprits that enabled commercial real-estate investors and developers to participate in the broader speculative binge on Wall Street.
Now mezz investors are suffering a massive casualty rate with some mezz funds facing total losses. Almost all the firms that specialized in the once-promising investment are spending their days fighting with borrowers to salvage some of their loans while defending themselves against creditors who financed their operations."