Download or read book Guaranteed to Fail written by Viral V. Acharya and published by Princeton University Press. This book was released on 2011-03-14 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.
Download or read book REFORMING FANNIE MAE AND FREDDIE MAC HEARING SERIAL NO 107 32 COMMITTEE ON FINANCIAL SERVICES U S HOUSE OF REPRESENTATIVES 10 written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2002* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reforming Fannie Mae and Freddie Mac written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2001 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Boom and Bust written by Alex J. Pollock and published by Government Institutes. This book was released on 2010-11-16 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the recent economic crisis was a painful period for many Americans, the panic surrounding the downturn was fueled by an incomplete understanding of economic history. Economic hysteria made for riveting journalism and effective political theater, but the politicians and members of the media who declared that America was in the midst of the greatest financial calamity since the Great Depression were as wrong and misguided as the expansionists of the Roosevelt era. In reality the cyclical nature of market economies is as old as the markets themselves. In a free market system, financial downturns inevitably accompany economic prosperity-but the overall trend is upward progress in living standards and national wealth. While it is helpful to understand what caused the recent crisis, the more important questions to consider are 'What makes the 'boom and bust' cycle so predictable?' and 'What are the ethical responsibilities of the citizens of a free market economy?' In Boom and Bust: Financial Cycles and Human Prosperity, Alex J. Pollock argues that while economic downturns can be frightening and difficult, people living in free market economies enjoy greater health, better access to basic necessities, better education, work less arduous jobs, and have more choices and wider horizons than people at any other point in history. This wonderful reality would not exist in the absence of financial cycles. This book explains why.
Download or read book 107 1 Hearing Reforming Fannie Mae and Freddie Mac Serial No 107 32 July 11 2001 written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Reforming Fannie Mae and Freddie Mac written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-05 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reforming Fannie Mae and Freddie Mac : hearing before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Seventh Congress, first session, July 11, 2001.
Download or read book Fannie Mae and Freddie Mac Background Reforms and Legislation written by Dominik Wurfel and published by Nova Snova. This book was released on 2020-10-09 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress chartered Fannie Mae and Freddie Mac, also known collectively as the government-sponsored enterprises (GSEs), to promote homeownership for underserved groups and locations by providing liquidity to the secondary mortgage market. National mortgage rates tend to fall as the supply of funds in this market increases, making homeownership more affordable. This book describes Fannie Mae's and Freddie Mac's activities and mission and summarizes the progress made to date on FHFA's initiatives.
Download or read book The Role of Fannie Mae and Freddie Mac in the Financial Crisis written by United States. Congress. House. Committee on Oversight and Government Reform and published by . This book was released on 2009 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Fannie Mae and Freddie Mac in the Financial Crisis written by United States. Congress. House. Committee on Oversight and Government Reform and published by . This book was released on 2009 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Shaky Ground written by Bethany McLean and published by . This book was released on 2015 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a way, the situation is ironic: housing was at the root of the financial crisis, and six years after the meltdown, housing finance is still the greatest unsolved issue. The U.S. housing market is roughly $10 trillion, making it one of the largest segments of the bond market. Roughly 70 percent of the American population has a mortgage, and for most people, the mortgage is the most important financial instrument in their lives. But until the financial crisis, few people knew the essential role that Fannie Mae and Freddie Mac play in their mortgages. Given the $188 billion government bailout of the two firms the most expensive bailout in history the politics surrounding housing are worse than they've ever been, and the two gigantic firms sit in limbo. Best-selling investigative journalist Bethany McLean, the coauthor of The Smartest Guys in the Room andAll the Devils Are Here, explains why the situation is dangerous and unsustainable, and proposes a few solutions from the perfect, but politically unfeasible to the doable, but ugly.
Download or read book Reforming Fannie Mae and Freddie Mac written by N. Eric Weiss and published by . This book was released on 2015 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fateful History of Fannie Mae written by James R. Hagerty and published by Arcadia Publishing. This book was released on 2012-09-04 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A lucid and meticulously reported book by one of the Wall Street Journal’s ace reporters” (George Anders, Forbes contributor and author of The Rare Find). In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Then, in 2008, the housing market collapsed. Amid a wave of foreclosures, the company’s capital began to run out, and the US Treasury seized control. From the New Deal to President Obama’s administration, James R. Hagerty explains this fascinating but little-understood saga. Based on the author’s reporting for the Wall Street Journal, personal research, and interviews with executives, regulators, and congressional leaders, The Fateful History of Fannie Mae, he explains the politics, economics, and human frailties behind seven decades of missed opportunities to prevent a financial disaster.
Download or read book Reforming Fannie and Freddie written by Dwight M. Jaffee and published by . This book was released on 2008 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fannie Mae and Freddie Mac are unique and controversial participants in the housingfinance system of the United States. Because of these enterprises' government charters, the financial markets believe that the federal government is unlikely to allow Fannie and Freddie to fail to honor their debt obligations, and they are thereby able to borrow more cheaply in credit markets;in turn, they lower interest rates for residential mortgages. If the financial markets are right, however, Freddie and Fannie also create a contingent liability for the government. Though there are positive externalities from their activities, those benefits are modest at best. Recent reforms are steps in the right direction; but privatization would be a superior policy choice.
Download or read book Reforming Fannie Mae and Freddie Mac written by Richard H. Baker and published by . This book was released on 2001-01-01 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Witnesses: Richard S. Carnell, Assoc. Prof. of Law, Fordham Univ. School of Law; Mitchell Delk, Sr. V.P., Freddie Mac; Martin Edwards, Jr., Partner, Wilkinson and Snowden, Inc., Pres.-Elect, Nat. Assoc. of Realtors, on behalf of the Nat. Assoc. of Realtors; J. Timothy Howard, Exec. V.P. and CFO, Fannie Mae; James C. Miller, III, Dir., LECG Economics-Finance, former Dir., Office of Mgmt. and Budget (OMB), former Chmn., Fed. Trade Comm. (FTC); Leslie K. Paige, V.P., Citizens Against Government Waste, on behalf of the Homeowners Education Coalition; and Edwin S. Rothschild, Principal, Podesta Mattoon, on behalf of FM Watch.
Download or read book Proposals to Reform Fannie Mae and Freddie Mac in the 112th Congress written by and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Focusing on Fannie and Freddie written by Lawrence J. White and published by . This book was released on 2015 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fannie Mae and Freddie Mac are unique and controversial participants in the housingfinance system of the United States. Because of these enterprises' federal government charters, the financial markets believe that the government would not allow Fannie and Freddie to fail to honor their debt obligations, and they are thereby able to borrow more cheaply in credit markets; in turn, they lower interest rates for residential mortgages. If the financial markets are right, however, Freddie and Fannie also create a contingent liability for the government. Though there are positiveexternalities from home ownership, the Fannie/Freddie route is far too broad and unfocused to address those externalities effectively. Privatization, accompanied by targeted federal assistance for potential first-time low- and moderate-income home buyers, would be a superior policy direction.
Download or read book The Role of Fannie Mae and Freddie Mac in the Financial Crisis written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-12 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of Fannie Mae and Freddie Mac in the financial crisis : hearing before the Committee on Oversight and Government Reform, House of Representatives, One Hundred Tenth Congress, second session, December 9, 2008.
