The Fateful History of Fannie Mae

By James R. Hagerty,

Book cover of The Fateful History of Fannie Mae: New Deal Birth to Mortgage Crisis Fall

Book description

“A lucid and meticulously reported book by one of the Wall Street Journal’s ace reporters” (George Anders, Forbes contributor and author of The Rare Find).
 
In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae. Intended to make home loans more accessible, the agency was…

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Why read it?

1 author picked The Fateful History of Fannie Mae as one of their favorite books. Why do they recommend it?

Who’s the hero in the story? Who’s the villain? I like this book a lot because it’s about a very powerful U.S. institution – mortgage kingpin Fannie Mae – that’s been both. Bob explains how the New Deal era of the 1930s produced a mighty organization that was supposed to make it easier for ordinary people to get mortgages. And then Fannie Mae’s mission drifted, until it became a spectacular part of the 2008 financial meltdown. It’s almost a financial version of Dorian Gray, where virtue turns into sin, and no one notices until it’s too late.

From George's list on financial heroes and villains.

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