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Guaranteed to Fail:
Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
Viral V. Acharya, Matthew Richardson, Stijn Van Nieuwerburgh & Lawrence J. White

Book Description | Table of Contents
Chapter 1 [in PDF format]
A Q&A with author Matthew Richardson

ADDITIONAL REVIEWS:

"No one can accuse the authors of failing to offer solutions to the problems they so thoroughly document. . . . One can only hope that some trace of the constructive approach of Guaranteed to Fail will inform the ongoing debate in Washington on the vitally important question of the future structure of the U.S. mortgage market."--Martin S. Fridson, Financial Analyst Journal

"This book should, without question, play an important role in the policy discussion of how to reform the mortgage market. Its accessible explanation of the GSEs' growth and behavior, and its detail and care in suggesting the direction for housing finance to go--and how to get it there--are its strengths. In terms of audience, the book seems more oriented toward policy discussions than academic ones. . . . As a whole, it provides a useful overview of the rise and fall of the GSEs, and is a worthwhile read for those interested in understanding the recent crisis."--Daniel K. Fetter, Journal of Economic Literature

"[T]he scholarly NYU tome focuses on policy mistakes and perverse incentives. . . . The Stern School economists [highlight the] 'race to the bottom' among mortgage lenders . . . [who] responded by 'moving down the credit curve of increasingly shaky mortgage loans.' . . . Bad lending begat worse lending."--Robert J. Samuelson, Claremont Review of Books

"They combine in an ideal way research and political consulting, resulting in an easy-to-read book that nevertheless has the necessary in-depth analysis. The book is rich with quotes from the past suggesting that everybody should have seen the imminent disaster."--Rico von Wyss, Financial Markets and Portfolio Management

"Guaranteed to Fail is one of the more comprehensive and informative books on the financial crisis. In addition to its relevance to the policy debate on homeownership and government guarantees, the book has numerous pedagogical strengths. Each chapter is well-organized, contains numerous charts and graphs, and has incredible detail regarding legislation, announcements, and media reports that impacted the housing market since the 1930s. The appendix, with a timeline of US housing finance milestones and a 32-page blueprint for reform, highlight the great effort that went into the creation of this work."--Cynthia Bansak and Peter Carpenter, Eastern Economic Journal

"The [authors] combine in an ideal way research and political consulting, resulting in an easy-to-read book that nevertheless has the necessary in-depth analysis. The book is rich with quotes from the past suggesting that everybody should have seen the imminent disaster."--Rico von Wyss, Swiss Society for Financial Market Research

ADDITIONAL ENDORSEMENTS:

"Guaranteed to Fail is a down-to-earth analysis of why Fannie Mae and Freddie Mac collapsed and why housing finance is broken. The authors provide clear solutions to fixing this complex problem. This is a timely and important book."--Nouriel Roubini, coauthor of Crisis Economics: A Crash Course in the Future of Finance

"Guaranteed to Fail is a comprehensive and well-written study of the role played by Fannie and Freddie in the events leading up to the financial crisis. It also suggests the way forward. This book is timely as well as insightful, and will be an influential contribution to the debate on the role of government-sponsored enterprises."--Raghuram G. Rajan, author of Fault Lines: How Hidden Fractures Still Threaten the World Economy

"This is an excellent book. Guaranteed to Fail presents a cogent proposal for the resolution of the current conservatorship of Fannie Mae and Freddie Mac. It documents the historical, economic, political, and financial issues that led to the current crisis, and presents all the issues in a fair and informative manner."--Dwight Jaffee, University of California, Berkeley

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File created: 10/28/2014

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