The implied subsidy enjoyed by Fannie Mae and Freddie Mac makes housing more expensive, disproportionately favors wealthy homebuyers, and raises default rates, according to a study released this week by the Federal Reserve Bank of Atlanta. Although the Fed paper doesn’t cite any new statistics, the authors claim their economic model shows current policies have a negative affect on the market. “First, the subsidy leads to an increase in household investment in housing assets… [One data table included]