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Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
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Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance

3.37  ·  Rating details ·  65 Ratings  ·  5 Reviews
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. T ...more
Hardcover, 232 pages
Published April 3rd 2011 by Princeton University Press (first published January 1st 2011)
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Michael Foley
Acharya, Richardson, Van Nieuwerburgh, and White are professors at NYU's Stern School of Business. Individually, they are experts in the field of economics. Collectively, they are authors of the finest book on the collapse of the American mortgage market. Acharya et al. take aim at Fannie Mae and Freddie Mac as they describe the series of events that led to their downfall. These events were the result of decades of policy abuses, greed, and mismanagement. As a result, American subprime mortgage ...more
Jul 21, 2013 rated it really liked it
"No firm could compete with Fannie and Freddie under these circumstances: they paid less taxes, could borrow at cheaper rates, and were lightly regulated in that they faced low capital requirements for holding similar risks compared to private-sector counterparts." (21-2)

"In the end, the GSEs had inadequate capital for the risks that they were taking. But virtually all critics got the immediate source of the problem wrong. What caused the financial downfall of the GSEs was not the interest rate
Max Nova
May 16, 2015 rated it really liked it  ·  review of another edition
Shelves: economics
A great look into the subprime mortgage crisis. The authors do a great job of explaining the house of cards that was the MBS market and why the whole system went to hell in a hand-basket. They focus particularly on the large GSE's (Fannie and Freddy) and the role they played in distorting the market (because of their governmental subsidies and implicit government backing) and their problematic dual role of both guaranteeing and investing in MBS's
Apr 07, 2014 rated it liked it
I had been confused for the longest time what on earth Fannie Mae, Freddie Mac, Ginnie Mae, and the other weird names were! The continuation of that title: the Debacle of Mortgage Finance essentially answers my question. It's something these experts in applied financial economics explained to me.

Pretty much I gathered if you don't have to worry about it, then don't, just like my parents told me. I found it interesting, still, to get an idea of why people get so upset over an idea.
Mary Beth
Nov 14, 2011 rated it liked it
Shelves: ca-money
This book gets a 4 not because it's a good read -- it's dry as hell -- but because it's very, very informative about the details of Fannie and Freddie Mac. Some very good advice at the end, too.
Mike Genadri
rated it liked it
Jan 01, 2014
Nicolas Straut
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Jan 10, 2018
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Nov 24, 2011
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Apr 02, 2011
rated it it was ok
Nov 02, 2015
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