Download All the devils are here : the hidden history of the by Bethany McLean PDF

By Bethany McLean

ISBN-10: 1101440791

ISBN-13: 9781101440797

ISBN-10: 1101444797

ISBN-13: 9781101444795

This stunning narrative is going again greater than 20 years to bare, in wealthy, anecdotal element, how Wall road, the personal loan undefined, and the govt conspired to alter the best way american citizens acquired their houses, making a excellent hurricane. The authors take us inside of elusive associations equivalent to Goldman Sachs, AIG, and Fannie Mae, to bare who replaced the sport and why.

summary: This magnificent narrative is going again greater than two decades to bare, in wealthy, anecdotal element, how Wall highway, the personal loan undefined, and the govt. conspired to alter the best way americans received their houses, making a ideal hurricane. The authors take us inside of elusive associations resembling Goldman Sachs, AIG, and Fannie Mae, to bare who replaced the sport and why

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Sample text

What made Fannie and Freddie indispensable in the new mortgage market was one simple fact: the mortgages they guaranteed were the only mortgages investors wanted to buy. After all, the GSE guarantee meant that the investors no longer had to worry about the risk that homeowners would default, because Fannie and Freddie were assuming that risk. For some investors, GSE-backed paper was the only type of mortgage they were even allowed to buy. In many states, it 65/1148 was against the law for pension funds to purchase “private” mortgage-backed securities.

After all, the GSE guarantee meant that the investors no longer had to worry about the risk that homeowners would default, because Fannie and Freddie were assuming that risk. For some investors, GSE-backed paper was the only type of mortgage they were even allowed to buy. In many states, it 65/1148 was against the law for pension funds to purchase “private” mortgage-backed securities. But it was perfectly okay for them to buy mortgage securities backed by the GSEs, because those were treated like obligations from the government.

For decades, federal law gave the S&L industry a small interest rate advantage over the banking industry—the housing differential, this advantage was called. All of these policies had unswerving bipartisan support. Criticizing them was political heresy. Fannie Mae and Freddie Mac were also important agents of government homeownership policy. They, too, were insulated from criticism. Fannie Mae, the older of the two, 48/1148 was born during the Great Depression. Its original role was to buy up mortgages that the Veterans Administration and the Federal Housing Administration were guaranteeing, thus freeing up capital to allow for more government-insured loans to be made.

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