The Fateful History of Fannie Mae:: New Deal Birth to Mortgage Crisis Fall

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9781609497699: The Fateful History of Fannie Mae:: New Deal Birth to Mortgage Crisis Fall

In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Then, in 2008, the housing market collapsed. Amid a wave of foreclosures, the company's capital began to run out, and the U.S. Treasury seized control. From the New Deal to the administration of President Obama, author James R. Hagerty explains this fascinating but little-understood saga. Based on his reporting for the Wall Street Journal, personal research and interviews with executives, regulators and congressional leaders, Hagerty charts the course of Fannie Mae. With The Fateful History of Fannie Mae, he explains the politics, economics and human frailties behind seven decades of missed opportunities to prevent a financial disaster.

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About the Author:

James R. (Bob) Hagerty is a reporter for The Wall Street Journal. He also has worked as a reporter, editor and bureau chief for The Wall Street Journal and the International Herald Tribune in cities all over the globe. Hagerty worked on a WSJ team that won the Distinguished Business Reporting award for articles about the subprime mortgage crisis.

Review:

"How did the U.S. economy get swept up in the madness of an unsustainable home-lending binge? How can we make sure such foolishness doesn't happen again? The best place to turn for answers is 'The Story of Fannie Mae,' a lucid and meticulously reported book by one of The Wall Street Journal's ace reporters, James R. Hagerty. His book epitomizes history with a purpose: showing how 70 years of good intentions, inertia and greed combined to create a financial catastrophe like no other." --George Anders, contributing writer at Forbes magazine and author of The Rare Find

"Hagerty makes a valuable contribution to the lessons learned from the financial crisis with his untangling of the complex history of Fannie Mae. His treatment is clear, interesting and fair-minded without being wishy-washy." --Urban C. Lehner, former editor of the Asian Wall Street Journal

"In a book that is rigorous, complete, and well-told, Hagerty explains how Fannie Mae evolved from its inconsequential birth during the Great Depression to a massive financial institution whose demise nearly took down the entire global economy." --Mark Zandi, chief economist, Moody's Analytics.

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Book Description History Press (SC), United States, 2012. Hardback. Book Condition: New. Language: English . Brand New Book. In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Then, in 2008, the housing market collapsed. Amid a wave of foreclosures, the company s capital began to run out, and the U.S. Treasury seized control. From the New Deal to the administration of President Obama, author James R. Hagerty explains this fascinating but little-understood saga. Based on his reporting for the Wall Street Journal, personal research and interviews with executives, regulators and congressional leaders, Hagerty charts the course of Fannie Mae. With The Fateful History of Fannie Mae, he explains the politics, economics and human frailties behind seven decades of missed opportunities to prevent a financial disaster. Bookseller Inventory # AAS9781609497699

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Book Description History Press (SC), United States, 2012. Hardback. Book Condition: New. Language: English . Brand New Book. In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Then, in 2008, the housing market collapsed. Amid a wave of foreclosures, the company s capital began to run out, and the U.S. Treasury seized control. From the New Deal to the administration of President Obama, author James R. Hagerty explains this fascinating but little-understood saga. Based on his reporting for the Wall Street Journal, personal research and interviews with executives, regulators and congressional leaders, Hagerty charts the course of Fannie Mae. With The Fateful History of Fannie Mae, he explains the politics, economics and human frailties behind seven decades of missed opportunities to prevent a financial disaster. Bookseller Inventory # AAS9781609497699

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Book Description History Press (SC), United States, 2012. Hardback. Book Condition: New. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. It was a minor detail of the New Deal, barely recorded by the newspapers of the day. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Then, in 2008, the housing market collapsed. Amid a wave of foreclosures, the company s capital began to run out, and the U.S. Treasury seized control. From the New Deal to the administration of President Obama, author James R. Hagerty explains this fascinating but little-understood saga. Based on his reporting for the Wall Street Journal, personal research and interviews with executives, regulators and congressional leaders, Hagerty charts the course of Fannie Mae. With The Fateful History of Fannie Mae, he explains the politics, economics and human frailties behind seven decades of missed opportunities to prevent a financial disaster. Bookseller Inventory # BTE9781609497699

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