Download e-book for kindle: All the devils are here : the hidden history of the by Bethany McLean

Banks Banking

By Bethany McLean

ISBN-10: 1101440791

ISBN-13: 9781101440797

ISBN-10: 1101444797

ISBN-13: 9781101444795

This wonderful narrative is going again greater than two decades to bare, in wealthy, anecdotal aspect, how Wall road, the personal 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 comparable to Goldman Sachs, AIG, and Fannie Mae, to bare who replaced the sport and why.

summary: This astounding narrative is going again greater than two decades to bare, in wealthy, anecdotal aspect, how Wall road, the loan undefined, and the govt. conspired to alter the way in which american citizens got their houses, making a ideal hurricane. The authors take us within elusive associations equivalent 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

Example text

But under the surface, it was always an uneasy alliance. Ranieri was part of Wall Street. No one on the Street wanted to cede huge chunks of possible profit to the GSEs. “David and I jockeyed,” Ranieri acknowledges. “The intellectual argument was, what should the government do? ” He wanted Fannie and Freddie to have, at best, a junior role. Maxwell wanted to prevent Wall Street from shutting Fannie Mae out, and he wanted to establish the primacy of the GSEs in this new market. For all the noble talk about helping people buy homes, what ensued was really a fight about money and power.

Sets “affordable housing goals” for Fannie Mae and Freddie Mac. LTCM: Long-Term Capital Management. Large hedge fund that collapsed in 1998. MBS: Mortgage-backed securities. NRSROs: Nationally Recognized Statistical Ratings Organizations. The three major credit rating agencies, Moody’s, Standard & Poor’s, and Fitch, were granted this status by the government. 31/1148 OCC: Office of the Comptroller of the Currency. The primary national bank regulator. OFHEO: Office of Federal Housing Enterprise Oversight.

The front section had been 61/1148 occupied by an insurance company; to build the back to match perfectly, Fannie had a brickyard reopened specifically to supply the proper brick. “To many people, it was a living symbol of power and arrogance,” says Maxwell. Yet for all their resentment, people were envious of Fannie Mae’s employees. They all wanted cushy jobs there—so they could get rich, too. “It happened over and over again,” Maxwell says. “The same people who had power over you, whether they were congressional staffers or HUD employees or even members of Congress, wanted jobs and would unabashedly seek them.

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All the devils are here : the hidden history of the financial crisis by Bethany McLean


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