The BBC published a short article today (with a great image - see above) about how Fannie Mae and Freddie Mac jointly destroyed the housing market. The author, Greg Wood, refers to the MBS bonds as a "security" (in quotes!), and notes that these mysterious "securities" are similar to bonds or shares.
He further describes the fundamental flaw as being the result of the bubble bursting, rather than the causes. I stopped reading around here. How do articles like this even get published? It's obvious he's using a few catchphrases and doesn't understand the basics of his subject matter.