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

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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.

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About the author

Viral V. Acharya, Matthew Richardson, Stijn Van Nieuwerburgh, and Lawrence J. White are professors at the Leonard N. Stern School of Business at New York University, and are experts in applied financial economics. Acharya and Richardson are the coeditors of Restoring Financial Stability and Regulating Wall Street. Van Nieuwerburgh is an expert on household finance and mortgage markets. White has studied government-sponsored enterprises for many years and served on the board of Freddie Mac from 1986 to 1989 as part of his government service as a board member on the Federal Home Loan Bank Board.
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Additional Information

Publisher
Princeton University Press
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Published on
Mar 14, 2011
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Pages
232
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ISBN
9781400838097
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Language
English
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Genres
Business & Economics / Economic History
Business & Economics / Finance / General
Law / Business & Financial
Political Science / Public Policy / Economic Policy
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Matthew Richardson
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'I know a secret. A secret that changes everything . . .'

Solomon Vine was the best of his generation, a spy on a fast track to the top. But when a prisoner is shot in unexplained circumstances, and on his watch, only suspension and exile beckon.

Three months later, in Istanbul, MI6's Head of Station is violently abducted from his home. With the Service in lockdown, uncertain of who can be trusted, thoughts turn to the missing man's oldest friend: Solomon Vine.

Officially suspended, Vine can operate outside the chain of command to uncover the truth. But his investigation soon reveals that the disappearance heralds something much darker. And that there's much more at stake than the life of a single spy . . .

My Name is Nobody is a sophisticated, pacey and accomplished debut novel by 26-year-old rising star Matthew Richardson. Appealing to fans of the TV series Homeland and The Night Manager - as well as, Charles Cumming and Robert Harris - this is a gripping, multi-layered and assured debut thriller that drips with an insider's knowledge of London's corridors of power.

'Compelling, intense and sharply authentic' - James Swallow, bestselling author of Nomad

'I dare you to find a first novel as self-assured, impeccably researched and beautifully rendered . . . Richardson paints a portrait of espionage that calls to mind early le Carré' - Gregg Hurwitz, No. 1 bestselling author of Orphan X

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