By Bethany McLean
This marvelous narrative is going again greater than two decades to bare, in wealthy, anecdotal element, how Wall road, the loan undefined, and the govt. conspired to alter the best way americans acquired their houses, making a excellent typhoon. The authors take us within elusive associations similar to Goldman Sachs, AIG, and Fannie Mae, to bare who replaced the sport and why.
summary: This astonishing narrative is going again greater than 20 years to bare, in wealthy, anecdotal element, how Wall highway, the loan undefined, and the govt. conspired to alter the best way american citizens received their houses, making a excellent hurricane. The authors take us within elusive associations akin to Goldman Sachs, AIG, and Fannie Mae, to bare who replaced the sport and why
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Extra info for All the devils are here : the hidden history of the financial crisis
The cash flows from the mortgages were meted out accordingly. The truth is, though, that the creation of mortgage-backed securities was never something Wall Street did entirely on its own. As clever and driven as Fink and Ranieri were, they would never have succeeded if the government hadn’t paved the way, changing laws, for instance, that stood in the way of this new market. More important, they couldn’t have done it without the involvement of Fannie Mae and its sibling, Freddie Mac, the Federal Home Loan 46/1148 Mortgage Corporation.
30/1148 GAO: General Accounting Office. Government agency that conducts investigations at the request of members of Congress. GSEs: Government-sponsored enterprises. Washington-speak for Fannie Mae and Freddie Mac. HOEPA: The Homeownership and Equity Protection Act. A 1994 law giving the Federal Reserve the authority to prohibit abusive lending practices. HUD: Department of Housing and Urban Development. Sets “affordable housing goals” for Fannie Mae and Freddie Mac. LTCM: Long-Term Capital Management.
For instance, you could create what came to be known as stripped securities. One strip paid only interest; another only principal. If interest rates declined and everyone refinanced, the interest-only strips 52/1148 could be worthless. But if rates rose, investors would make a nice profit. Sure enough, parceling out risk in this fashion gave mortgage-backed securities enormous appeal to a wide variety of investors. From a standing start in the late 1970s, bonds created from mortgages on single-family homes grew to more than $350 billion by 1981, according to a report by the Securities and Exchange Commission.
All the devils are here : the hidden history of the financial crisis by Bethany McLean