In what the companies billed as "a new effort dedicated to building a better American housing system," Quicken and Freddie announced what they called an "innovative solution" to "meet the needs of emerging markets, including millennials, first-time homebuyers and middle-class borrowers."

What's "innovative" about Quicken and Freddie's "solutions", you ask? Well for one thing, they're willing to give millennials a home loan with just 3% down. That's great if you're a struggling graduate waiting tables and having a hard time saving enough money for a down payment, but it's not so great for the stability of the US housing market and/or the financial system which got itself into all kinds of trouble making just these kinds of loans nine years ago.

You might recall that earlier this year, House Financial Services Committee Chairman and Yellen detractor Jeb Hensarling lambasted FHFA chief Mel Watt's announcement that Fannie Mae and Freddie Mac will seek to back loans with down payments as low as 3%.

"I am extremely concerned about Director Watt's efforts to force taxpayers to back high-risk mortgages with ultra-low down payments as little as 3%," Hensarling said in a statement.