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
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John Hope Bryant has been championing financial literacy for at least 25 years, and he has now written a book to deliver the memo directly to you.
EDITOR'S CHOICE: The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class—and What We Can Do About It
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NEWS & OPINION: Inside the Longlist: Finance & Economics
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We conclude our series of looks "inside the longlist" with a look inside this year's Finance and Economics category.
NEWS & OPINION: The 2015 800-CEO-READ Business Book Awards Longlist
Posted November 3, 2015, 8:00 AM with category of Publishing Industry
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JACK COVERT SELECTS: Shaky Ground: The Strange Saga of the U.S. Mortgage Giants
Posted September 17, 2015, 1:39 PM with category of Current Events & Public Affairs
Bethany McLean weaves a tale of Fannie Mae and Freddie Mac that enlightens, enrages, and educates.