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Guaranteed to Fail
Viral V. Acharya, Stijn van Nieuwerburgh, Matthew Richardson, et al.
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Sozialwissenschaften, Recht, Wirtschaft / Betriebswirtschaft
Beschreibung
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.
Kundenbewertungen
Commercial bank, Macroeconomics, Fannie Mae, Government debt, Hedge fund, Henry Paulson, Capital market, Real estate economics, Citigroup, Agency debt, Monetary policy, Credit (finance), Federal Housing Finance Agency, Financial services, Economy, Foreclosure, Fixed-rate mortgage, Federal Housing Administration, Financial crisis, Investor, Investment, Systemic risk, Insolvency, Subsidy, Saving, Race to the bottom, Finance, Pension fund, Guarantee, Equity (finance), Freddie Mac, Washington Mutual, Bank, Asset, Credit risk, Creditor, Market liquidity, Conservatorship, Interest rate, Bear Stearns, Underwriting Standards, Insurance, Dodd–Frank Wall Street Reform and Consumer Protection Act, Securitization, Debt, Real estate appraisal, Economist, Financial institution, Too big to fail, Savings and loan association, Home equity, Household, JPMorgan Chase, Down payment, Interest rate risk, Mortgage loan, Capital requirement, Subprime, Leverage (finance), Lehman Brothers, Asset management, Alt-A, Balance sheet, Ben Bernanke, Recession, Privatization, Private sector, Funding, Credit score in the United States, Affordable housing