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

Front Cover
A&C Black, Jun 7, 2012 - Business & Economics - 496 pages
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.
 

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Contents

1 The Seeds are Sown
1
2 Two More Tools in the ToolKit
25
3 The Role of the Housing and Urban Development Department HUD
54
4 Mortgage Data
69
5 The Mission Regulator for Fannie Mae and Freddie Mac
90
6 The GSEs and the Developing Crisis
115
7 The Dominance of the GSEs
142
8 The Beginning of the End for Freddie Mac
164
11 The Subprime Market Grew and Grew and No One Knew
243
12 Why Did Fannie Mae and Freddie Mac Get Away with It for So Long?
266
13 The End Cometh
283
14 What Next?
316
Appendix
336
Notes
411
Bibliography
441
Index
462

9 The Beginning of the End for Fannie Mae
189
Drinking in the last chance saloon
216

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About the author (2012)

Oonagh McDonald is a former UK Member of Parliament and an international regulatory expert

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