Ebook , by James R. Hagerty
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, by James R. Hagerty
Ebook , by James R. Hagerty
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Product details
File Size: 4658 KB
Print Length: 229 pages
Publisher: The History Press (September 4, 2012)
Publication Date: January 23, 2019
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B00XQZBW0S
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Amazon Best Sellers Rank:
#124,236 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
Readers looking for a deeper understanding of the rise and fall of Fannie Mae will find a crisp account of the past seven decades of that organization's highlights and lowlights in James R. Hagerty's book, The Fateful History of Fannie Mae: New Deal Birth to Mortgage Crisis Fall. Bob Hagerty is a reporter for The Wall Street Journal who has covered the mortgage business and the government sponsored enterprises (GSEs) extensively. He relates how a public purpose was paired with private capital to create a quasi-governmental entity that became the largest holder of residential mortgage debt. Political machinations over many years led to inadequate capital and a weak regulatory framework. Investors took gains in the good years and taxpayers are now covering losses. I worked at Freddie Mac from the mid-1970s to the late-1990s, so I know the subject of this book from an inside perspective. Hagerty gets all the headlines right in this book. There is more to each story than what he presents, but those nuances may be meaningful only to those who were immersed in the business. General readers will find in this book a cogent presentation of how Fannie Mae came to be, to grow and to generate huge losses. Any reader with an interest in public policy, especially relating to housing, will enjoy reading this book.Rating: Three-star (Recommended)
Books on current events and their issues tend to fall into two categories. One is academic, with the author exploring various hypotheses, usually favoring one, and doing so by presenting a good deal of data, often quantitative and often in tabular or graphic form. Such a book is usually organized thematically. The other type is journalistic, usually presenting a chronological narrative, with emphasis on the words and actions of a few key decisionmakers at each step in the narrative. Each has its merits and shortcomings.This book is a perfect example of the latter category. The author, a Wall Street Journal reporter who appears to have covered Fannie Mae for many years, has a firm command of the subject, a good perspective that enables him to distinguish myth from fact, and, as far as I can tell, has carried out his research and writing with the high standards you would expect a veteran of an elite news organization. There aren't any anonymous sources, reporting is separated from opinion quite overtly, multiple perspectives on the truth are noted, and so forth. The history of Fannie Mae is told crisply and in straightforward chronological fashion, in a Dragnet-style, "just the facts, ma'am" authorial voice. Each chapter tends, although not exclusively, to focus on a few key decisionmakers or other persons of influence and tells the story by reference to their decisions and statements. It is very similar to the kind of journalism that is done all the time for a daily paper like the WSJ. Sentences are short and rarely complex. So as an example of a journalistic account of the history of Fannie, it is a very good product.Of course that type of product has its limitations. The book is aware of the major issues surrounding the GSE's but touches on them only lightly until the end, when a couple of relatively brief chapters explore them and the major perspectives on them. If I were looking for a definitive analysis, this doesn't strike me as that book. For that, I recommend Guaranteed to Fail and Engineering the Financial Crisis. I don't think this book leaves anything out entirely, but Things that it underplays include, imo: (1) the extent to which the public policy mission of the GSE's drove/rationalized the fatal decision to expand into lower quality mortgages in the 05-08 time period, a motivation which was heavily emphasized in the company's conference calls with investors, investor materials and legislative oversight (whether you believe it was sincere or not); (2) insight into the reasons for the company's undercapitalization, particularly the extent to which the combination of the implicit federal guarantee and favorable bank capital regulations under BASEL egregiously incentivized the worldwide financial system to take up GSE paper and GSE-backed debt, without regard to the underlying deterioration of its financial condition, enabling a much higher leverage ratio than a private actor subject to market forces would have had, with cataclysmic results; and (3) how the mission I mention in "(1)" is linked to the undercapitalization I mention in "(2" by way of the federal guarantee: it had that guarantee because of its mission to acquire an ever-increasing mortgage portfolio, but that guarantee enabled it to fulfill that mission entirely through debt financing, leaving it woefully undercapitalized once it grew too big.But as I note above such shortcomings are inherent in the genre. Overall, it is a very good product of its type. As a final note, I was impressed by the fact that some of the favorable reviews here come from persons with knowledge of the facts who are willing to give their real name regarding this controversial topic.
Interesting and well-written analysis of one of the causes of the mortgage crisis that held my attention throughout. The author takes you back to the 30's and the origin of the modern concept of home mortgages, through the current economic melt-down. This was a quick read and I have to say that by the end I think I had a much better understanding of what Fannie Mae is (and does), why the current mortgage crisis happened the way it did, and such basis matters as how mortgage rates are determined. Surprising to learn that so many of the policies that define home loans seem to have been tied to the personalities and personal quirks of the executives and government officials at the top of the mortgage industry. You can tell Hagerty is an experienced journalist: his writing is clear and concise, east-to-understand, with a sense of humor. Fascinating book. Kind of frightening too, especially if you own a home.
Thought provoking.
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