Fannie Mae and Freddie Mac : Turning the American Dream into a Nightmare

ISBN-13: 9781780935232 / Angielski / Miękka / 2013 / 432 str.

Oonagh McDonald

Opis

This book examines the role of Fannie Mae, Freddie Mac and other key players in the American mortgage market, in precipitating the current global financial crisis. From President Clinton's announcement of the 'National Home Ownership Strategy' in 1995 to its collapse in 2008, this book deftly explains the aims and consequences of extending mortgage lending to people who could not afford home ownership. Bankers, investment banks, rating agencies and derivatives have all been awarded their share of the blame, while politicians, regulators and government agencies have successfully avoided theirs. Fannie Mae and Freddie Mac have been implicated, but the true story of their marriage made in hell has never been told.

Recenzje

It is astonishing and somewhat unsettling that the best scholarly work about Fannie Mae and Freddie Mac and their role in the 2008 financial crisis should have produced by Oonagh McDonald, a British student of the financial markets. The book is doubly useful because Ms McDonald cannot be accused of bias on an issue that has become excessively politicized in the US. If you want to know how US government housing policy led to the financial crisis, it is in these pages. Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute, USA

Spis treści

AcknowledgementsIntroductionTimelineChapter 1. The Seeds are Sown.Chapter 2. Two More Tools in the Toolkit.Chapter 3. The Role of the Housing and Urban Development Department.Chapter 4 Mortgage Data.Chapter 5. The 'Mission Regulator' for Fannie Mae and Freddie MacChapter 6. The GSEs and the Developing Crisis.Chapter 7. The Dominance of the GSEs.Chapter 8. The Beginning of the End for Freddie MacChapter 9. The Beginning of the End for Fannie MaeChapter 10. The Years 2005 to 2007. Drinking in the Last Chance Saloon.Chapter 11. The Subprime Market Grew and Grew and No One KnewChapter 12. Why did Fannie Mae and Freddie Mac get away with it for so long?Chapter 13. The End Cometh.Chapter 14. What Next?Appendix 1AbbreviationsBibliographyIndex

O autorze

Oonagh McDonald CBE is a Visiting Fellow at the International Institute of Banking and Financial Services at the University of Leeds. She was a Member of Parliament for Thurrock in Essex (1976-87) and was a member of the front-bench Treasury team from 1983-87. Prior to her entry to Parliament, she was a lecturer in philosophy at Bristol University. In 1998, she was awarded a CBE for services to financial regulation and business.