Here's a longwinded version without the securitization issues, which are the more interesting part.  It does at least have a good exploration of how, from the viewpoints of people farther up the food chain, it was the Norwegian village pension funds who were most responsible for creating whole subprime lending crisis.

The presentation is right.  Recall that it's talking about the "subprime" loans.  What Fannie and Freddie hold are the better loans, which still stink just not as much.  They were really following what the securitization industry was doing, rather than the other way around.