O'Reilly logo

Guaranteed to Fail by Lawrence J. White, Viral V. Acharya, Stijn van Nieuwerburgh, Matthew Richardson

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

 

PROLOGUE

The shapers of the American mortgage finance system hoped to achieve the security of government ownership, the integrity of local banking and the ingenuity of Wall Street. Instead they got the ingenuity of government, the security of local banking and the integrity of Wall Street.

—David Frum (columnist, and former speechwriter for President George W. Bush), National Post, July 11, 2008

On September 30, 1999, a New York Times reporter, Steven Holmes, published a piece titled “Fannie Mae Eases Credit to Aid Mortgage Lending.” The crux of the story was that Fannie Mae was lowering its credit standards, which in turn would increase home ownership. Franklin Raines, chief executive officer (CEO) of Fannie Mae at the time, is quoted in the ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required