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

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Published
Princeton University Press, 2011.
Format
eBook
ISBN
9781400838097
Status
Available Online

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Language
English

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APA Citation, 7th Edition (style guide)

Viral V. Acharya., Viral V. Acharya|AUTHOR., Matthew Richardson|AUTHOR., Stijn van Nieuwerburgh|AUTHOR., & Lawrence J. White|AUTHOR. (2011). Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance . Princeton University Press.

Chicago / Turabian - Author Date Citation, 17th Edition (style guide)

Viral V. Acharya et al.. 2011. Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance. Princeton University Press.

Chicago / Turabian - Humanities (Notes and Bibliography) Citation, 17th Edition (style guide)

Viral V. Acharya et al.. Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance Princeton University Press, 2011.

MLA Citation, 9th Edition (style guide)

Viral V. Acharya, et al. Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance Princeton University Press, 2011.

Note! Citations contain only title, author, edition, publisher, and year published. Citations should be used as a guideline and should be double checked for accuracy. Citation formats are based on standards as of August 2021.

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Grouped Work IDe4b80ea4-4e47-f78a-4323-3b80217e04d1-eng
Full titleguaranteed to fail fannie mae freddie mac and the debacle of mortgage finance
Authoracharya viral v
Grouping Categorybook
Last Update2023-10-15 20:05:58PM
Last Indexed2024-03-28 04:29:00AM

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Last UsedOct 20, 2023

Hoopla Extract Information

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    [synopsis] => 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. 
	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. "[Guaranteed to Fail] is more multi-dimensional and nuanced than most other books on the bloody crossroads where real estate and banking meet. . . . [The] authors show convincingly that the GSEs' subprime lending was not a noble idea that eventually went wrong or drifted into excesses--it was a fool's errand from the beginning." "[A] valuable book on how two quasi-public companies became 'the world's largest and most leveraged hedge fund'. . . . A balanced study, [Guaranteed to Fail] rises above a clash between partisans on the right--who call the companies 'ground zero' in the meltdown--and those on the left who blame deregulation and Wall Street excess. . . . Part primer, part policy prescription, the text explains in simple language what these entities are, how they got so big, and why we must fix them."---James Pressley, Bloomberg News "In Guaranteed to Fail, a quartet of New York University professors from its Stern School of Business, focus on the 'debacle of mortgage finance' that Fannie and Freddie helped create, and offer a plan for reform. In clear language, and with plenty of data to support their arguments, the authors provide a concise but comprehensive history of the GSEs--which alone makes their book worth reading." "Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance, stands out among all the others. . . . [I]t is one of the very few books to focus squarely on the ultimate cause of the crisis: US government housing policy and the role of the two government-backed mortgage giants Freddie Mac and Fannie Mae in giving effect to that policy."---Stephen Kirchner, The Conversation "[T]hought-provoking."---Gillian Tett, Financial Times "[T]he authors provide a detailed template for reform." "No one can accuse the authors of failing to offer solutions to the problems they so thoro
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