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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 by bestselling author Bethany McLean, 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
- Sales Rank: #282146 in Books
- Published on: 2015-09-14
- Original language: English
- Number of items: 1
- Dimensions: 7.40" h x .50" w x 5.00" l, .0 pounds
- Binding: Paperback
- 159 pages
Review
Washington Post Notable Nonfiction Book of 2015
Washington Post Nonfiction Bestseller
"Bethany McLean has written an insightful guide to one of the fascinating true-financial-crime cases of our time."
--Simon Johnson, The Washington Post
"Bethany McLean romps through the well-intentioned founding of Fannie and Freddie, via their gradual corruption to the current unhappy limbo, with the government and hedge funds fighting over the scraps in the courts...McLean deftly steers a sensible course through the competing claims."
--Tom Braithwaite, Financial Times
"An excellent new book that attempts to make sense of the senseless history of Fannie and Freddie."
--Alan Murray, Fortune
"In a short, lucid paperback (or e-book) from a new publishing arm of Columbia University, McLean explains how the topsy-turvy world of Fannie and Freddie came to be and why government control of them likely will limp along indefinitely as the major unresolved issue of the financial crisis."
--USA Today
"The latest very smart finance book by McLean...[who] found a very good [topic] in our deeply flawed home mortgage system."
-- The National Book Review
"Readers of this maddening, sharp report will rightly wonder why Fannie Mae and Freddie Mac have been allowed to survive and why we can't do better."
--Kirkus Reviews
"McLean ably describes a situation where, seven years past the brink of economic collapse, Fannie and Freddie are severely undercapitalized, faced with investor lawsuits, and caught up in political infighting that prevents either comprehensive reform or their ultimate abolition." Publishers Weekly
About the Author
Bethany McLean is an investigative journalist known for her work on the Enron scandal and the 2008 financial crisis. In 2001 as a young reporter at Fortune magazine, where she eventually became an editor at large, she wrote "Is Enron Overpriced?," one of the first skeptical articles about Enron. After the company collapsed into bankruptcy, she coauthored the bestseller, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron with her Fortune colleague Peter Elkin. A documentary based on the book was nominated for an Academy Award in 2006. Her most recent book, which she coauthored with New York Times columnist Joe Nocera, is All the Devils Are Here: The Hidden History of the Financial Crisis. Prior to joining Fortune she had been an investment analyst at Goldman Sachs. She is a contributing editor at Vanity Fair, a columnist for Fortune.com and a contributor to CNBC. A graduate of Williams College, she lives in Chicago.
Most helpful customer reviews
61 of 65 people found the following review helpful.
Best Book Ever Read Because of Bonus Underlying Enlightenment of Our Political Machinery
By Matt Hill
This would have to be one of the best books I've ever read. Not exactly for the reason you would think though. This book belongs in the hand of every teenager or adult that plans on being involved more in our political system (this should be everyone). The only way this whole saga could have continued for 7 years as of today (Happy Anniversary!), is because of a decayed political system we are in. So many things could be improved in our housing system, yet the politicians and special interest groups have to spend all their efforts fending each other off, instead of fixing the problems. Bethany expertly puts together the real world facts that provide the best example by far of what broken politics is doing to our country. I don't think it was her goal, but that's what you get when you lay out the facts in this debacle. So for anyone out there looking for an exciting way to care more about our political system, this is it. This story is what got me off the bench. Hopefully, this gets in the hands of a bright, young star with fresh ideas that has what it takes to better the system.
As far as the housing specifics in this book, it was fabulous. This is about as close as you can get to a 50/50 non-partisan look at the GSEs. It's almost impossible to do, because there really is no middle ground in all of this. The book lays out the facts quite nicely and leaves both sides evenly wanting to tell much more of their story. That's what makes it a book for the masses though, not a manifesto. I highly recommend this book to anyone and everyone. I consider it required learning.
22 of 24 people found the following review helpful.
Brief Update of Fannie & Freddie ( although nothing's really changed)
By MT57
This is a very brief (161 pages) update on the status of Fannie Mae and Freddie Mac, 6 years after the federal takeover. Nothing has really changed, which is the author's point. They clearly were at the center of the financial crisis, and all of the other major financial institutions that also were have changed dramatically; why are the GSEs still sitting in limbo? The reason turns out to be that Congress can't agree on what the fix should be, or can't bite the bullet and face up to the needed changes. Progressives want the subsidy of affordable housing maintained; free market believers want it ended; good-government moderates try to craft a compromise solution but the ideologues won't compromise - same old, same old. Meanwhile the Treasury keeps draining all the money the GSEs bring in, and the amount is so large that no one in D.C. wants to see it disappear. So the status quo continues.
McLean is best at laying out where the various politicians, ex- White House officials, interest groups, etc stand. She also shows a fair appreciation of the wrong done to holders of stock in the entities by the government's over-reaching once it took them over. It struck me as a fairly balanced presentation of the issues and where people stand on them. The book is written at a business-magazine level, not a single chart or graphic, very easy to read, a lot of material digested for the reader. At the same time, not an enormous amount of fresh insight.
4 of 4 people found the following review helpful.
Brilliant update on the role of the mortgage giants in the financial crisis and after
By Laocoon143
Brilliant and concise overview of what has happened to mortgage giants Fannie Mae and Freddie Mac since the financial crisis. I'm retired from high-level positions in handling mortgage portfolios, and it's my considered professional opinion that Bethany nails it on the key financial and political issues. She has a very accurate perspective on the role of these giants both before and after the conservatorships. I'm more concerned than ever after reading this that the government's housing policies distort markets and unnecessarily drive/limit the lifestyle choices of individuals. It's a great book and a quick read on issues that have been out of the mainstream awareness for several years now.
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