Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac

Author: Oonagh McDonald

Publisher: A&C Black

Published: 2013-07-18

Total Pages: 494

ISBN-13: 1780935234

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The book demonstrates how politicians and federal agencies dominated Fannie Mae and Freddie Mac and took just thirteen years to wreck the American dream of home ownership.

Guaranteed to Fail
Guaranteed to Fail

Author: Viral V. Acharya

Publisher: Princeton University Press

Published: 2011-03-14

Total Pages: 233

ISBN-13: 1400838096

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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.

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)
Wall Street and the Financial Crisis: Anatomy of a Financial Collapse (Majority and Minority Staff Report)

Author: United States Senate

Publisher: Lulu.com

Published: 2013-06-10

Total Pages: 647

ISBN-13: 1304122212

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In the fall of 2008, America suffered a devastating economic collapse. Once valuable securities lost most or all of their value, debt markets froze, stock markets plunged, and storied financial firms went under. Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover. This Report is the product of a two-year bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future.

The Financial Crisis of Our Time
The Financial Crisis of Our Time

Author: Robert W. Kolb

Publisher: Oxford University Press

Published: 2011-01-28

Total Pages: 424

ISBN-13: 9780199792788

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In 2006 residential real estate prices peaked and started to fall, then threatened the world's financial institutions in 2007, and confronted the global economy with disaster in 2008. In the past few years, millions of people have lost very substantial portions of their wealth. And while the markets have rebounded considerably, they are still far from a full recovery. Now, professional economists, policy experts, public intellectuals, and the public at large are all struggling to understand the crisis that has engulfed us. In The Financial Crisis of Our Time, Robert W. Kolb provides an essential, comprehensive review of the context within which these events unfolded, arguing that while the crisis had no single cause, housing finance played a central role, and that to understand what happened, one must comprehend the mechanism by which the housing industry came into crisis. Kolb offers a history of the housing finance system as it developed throughout the twentieth century, and especially in the period from 1990 to 2006, showing how the originate-to-distribute model of mortgage financing presented market participants with a "clockwork of perverse incentives." In this system, various participants-simply by pursuing their narrow personal interests-participated in an elaborate mechanism that led to disaster. The book then gives a narrative of the crisis as it developed and analyzes all of the participants in the housing market, from the home buyers to investors in collaterialized debt obligations (CDOs). At each step, the book explains in a nontechnical manner the essential relationships among the market participants and zeroes in on the incentives facing each party. The book also includes an extensive glossary and a detailed, authoritative timeline of the subprime financial crisis. Offering a unique look at the participants and incentives within the housing finance industry and its role in the biggest financial catastrophe in recent history, Robert W. Kolb provides one of the most comprehensive and illuminating accounts of the events that will be studied for decades to come as the financial crisis of our time.

Lending Power
Lending Power

Author: Howard E. Covington Jr.

Publisher: Duke University Press

Published: 2017-10-19

Total Pages: 203

ISBN-13: 0822372770

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Established by Martin Eakes and Bonnie Wright in North Carolina in 1980, the nonprofit Center for Community Self-Help has grown from an innovative financial institution dedicated to civil rights into the nation's largest home lender to low- and moderate-income borrowers. Self-Help's first capital campaign—a bake sale that raised a meager seventy-seven dollars for a credit union—may not have done much to fulfill the organization's early goals of promoting worker-owned businesses, but it was a crucial first step toward wielding inclusive lending as a weapon for economic justice. In Lending Power journalist and historian Howard E. Covington Jr. narrates the compelling story of Self-Help's founders and coworkers as they built a progressive and community-oriented financial institution. First established to assist workers displaced by closed furniture and textile mills, Self-Help created a credit union that expanded into providing home loans for those on the margins of the financial market, especially people of color and single mothers. Using its own lending record, Self-Help convinced commercial banks to follow suit, extending its influence well beyond North Carolina. In 1999 its efforts led to the first state law against predatory lending. A decade later, as the Great Recession ravaged the nation's economy, its legislative victories helped influence the Dodd-Frank Wall Street Reform and Consumer Protection Act and the formation of the Consumer Financial Protection Bureau. Self-Help also created a federally chartered credit union to expand to California and later to Illinois and Florida, where it assisted ailing community-based credit unions and financial institutions. Throughout its history, Self-Help has never wavered from its mission to use Dr. Martin Luther King Jr.'s vision of justice to extend economic opportunity to the nation's unbanked and underserved citizens. With nearly two billion dollars in assets, Self-Help also shows that such a model for nonprofits can be financially successful while serving the greater good. At a time when calls for economic justice are growing ever louder, Lending Power shows how hard-working and dedicated people can help improve their communities.

United States Economy
United States Economy

Author: Fouad Sabry

Publisher: One Billion Knowledgeable

Published: 2024-04-01

Total Pages: 562

ISBN-13:

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What is United States Economy The United States of America is a mixed economy that is highly developed and advanced. Not only is it the largest economy in the world in terms of nominal GDP, but it is also the second largest economy in terms of purchasing power parity (PPP), followed by China. As of the year 2022, it has the seventh highest nominal per capita GDP in the world and the eighth highest per capita GDP in terms of purchasing power parity. In nominal terms, the United States of America accounted for 25.4% of the global economy in 2022, while in terms of purchasing power parity, it was approximately 15.6%. The United States dollar is the currency of record that is used the most in international transactions. It is also the reserve currency of the world. It is supported by a vast market for U.S. treasuries, its function as the reference standard for the petrodollar system, and its connected eurodollar. In a number of nations, it serves as the official money, while in others, it is the currency that is used in everyday transactions. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Economy of the United States Chapter 2: Reaganomics Chapter 3: Economy of Switzerland Chapter 4: Economy of Australia Chapter 5: National debt of the United States Chapter 6: Comparison of Canadian and American economies Chapter 7: Economic policy of the Bill Clinton administration Chapter 8: Fiscal policy of the United States Chapter 9: United States federal budget Chapter 10: History of the United States public debt Chapter 11: Economic policy of the George W. Bush administration Chapter 12: Income inequality in the United States Chapter 13: Great Recession Chapter 14: Financial position of the United States Chapter 15: Foreign trade of the United States Chapter 16: Economic policy of the Barack Obama administration Chapter 17: Great Recession in the United States Chapter 18: Political debates about the United States federal budget Chapter 19: Deficit reduction in the United States Chapter 20: Abenomics Chapter 21: Economic policy of the Donald Trump administration (II) Answering the public top questions about united states economy. (III) Real world examples for the usage of united states economy in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of United States Economy.