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Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
Princeton University Press
April 2011
On Sale: April 3, 2011
232 pages
ISBN: 0691150788
EAN: 9780691150789
Hardcover
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Non-Fiction
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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