Shaky Ground

Shaky Ground

The Strange Saga of the U.S. Mortgage Giants

Book - 2015
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"Fannie Mae and Freddie Mac were created by Congress to serve the American Dream of homeownership. By the end of the century, they had become extremely profitable and powerful companies, instrumental in putting millions of Americans in their homes. So why does the government now want them dead? In 2008, the U.S. Treasury put Fannie and Freddie into a life-support state known as 'conservatorship' to prevent their failure--and worldwide economic chaos. The two companies, which were always controversial, have become a battleground. Today, Fannie and Freddie are profitable again but still in conservatorship. Their profits are being redirected toward reducing the federal deficit, which leaves them with no buffer should they suffer losses again. China and Japan are big owners of Fannie and Freddie securities, and they want to ensure the safety of their investments--which helps explain why the government is at an impasse about what to do. But the current state of limbo is unsustainable. Based on comprehensive reporting and dozens of interviews, Shaky Ground chronicles the story of Fannie and Freddie seven years after the meltdown, and tells us why homeownership finance is now one of the biggest unsolved issues in today's global economy"--Page 4 of cover.
Publisher: New York : Columbia Global Reports, ©2015
ISBN: 9780990976301
Branch Call Number: 332.720973 MCL 2015
Characteristics: 159 pages : map ; 20 cm

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SirWhiskers
Jan 10, 2016

A short, even-handed, interesting look at Fannie Mae and Freddie Mac. The author presents all sides of the complex issues raised, thereby allowing the reader to reach his/her own conclusions. Highly recommended.

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BonnieBooks
Nov 05, 2015

Regarding StarGladiator's review below, I hate to see a negative review of Bethany McLean, an author I love. But I like your healthy cynicism. Let's face it, the whole world is rigged by the powers that be ... usually by those who reside at Goldman.

s
StarGladiator
Sep 19, 2015

This is really an awful book - - akin to somebody according respect to a fellow who helped bury a corpse, without mentioning that he was responsible for that corpse's death, along with numerous others. The author doesn't explain cause-and-effect, how Hank Paulson was part of the profiteers leading up to what he was ostensibly supposed to be correcting! No mention of the design which led up to this, instead focusing everything on the two GSEs. An absurd book by either an addled author, or misinformation specialist. [No coincidence that Jim Johnson would later be with the Perseus Group, which was the business address for American Friends of Bilderberg, Inc., directors: David Rockefeller, Henry Kissinger, Richard Perle, Jessica Mathews.]
The author never tells us what Paulson, Sperling and Gensler did which led up to this when they were at Goldman Sachs!

[Would recommend, highly pertinent to this book, reading about the report being buried by the City of Seattle over at firstlook.org - -http://www.scribd.com/doc/281414769/McDonnell-Analytics-Final-Report-City-of-Seattle-Review-of-Mortgage-Documents-Hosted-by-KingCast-Mortgage-Movies

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