Because two disparate, almost diametrically opposite clients demand loyalty from Fannie Mae and Freddie Mac, these government-sponsored entities must fulfill two ultimately irreconcilable roles. As publicly owned corporations, they must maximize profitability for their shareholders; yet, as quasi-government agencies, they should use their huge, implicit government subsidies in support of their public missions. In reality, they split the difference as they transfer a large portion of their subsidy to their shareholders. At the same time, Congress does not routinely scrutinize Fannie and Freddie, despite their enormous size and importance. The two are clearly too large and powerful for the small agency charged by Congress as their watchdog. Thus, while attempting to serve two masters, Fannie and Freddie are literally out of control. Would privatization solve the dilemma of the dual public and private form? If not, what other options exist? In eleven essays, public figures, economists, and government officials probe the favored positions that have allowed the two agencies to grow to unprecedented size, realize extraordinary profitability, and achieve unparalleled influence over the political process.
Serving Two Masters, Yet Out of Control
and over one million other books are available for Amazon Kindle.
Learn more
| ||||||||||||||||||||
Book Description
Frequently Bought Together
Editorial Reviews
About the Author
Peter J. Wallison is Arthur F. Burns Fellow in Financial Policy Studies and codirector of AEI's program on financial policy studies. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration's proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan
Peter J. Wallison is Arthur F. Burns Fellow in Financial Policy Studies and codirector of AEI's program on financial policy studies. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration's proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan
Peter J. Wallison is Arthur F. Burns Fellow in Financial Policy Studies and codirector of AEI's program on financial policy studies. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration's proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan
Product Details
Would you like to update product info or give feedback on images?
|
Customer Reviews
|
There are no customer reviews yet.
|
|||
|
Video reviews
|
Inside This Book
(learn more)
First Sentence:
In 1999 and 2000 the American Enterprise Institute sponsored three conferences on the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), each exploring a different aspect of the public policy problem presented by these government-sponsored enterprises (GSEs). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
mean yield spreads, implicit federal guarantee, minority tracts, affordable housing goal, mortgage intermediaries, safety net subsidy, privatization reports, housing goals, conforming mortgages, mortgage market, federal budget process, funding subsidies, market share data, national mortgage associations, capital standards, full privatization, discount window, new regulator, agency status, charter act, mortgage portfolios Key Phrases - Capitalized Phrases (CAPs): (learn more)
Fannie Mae, Freddie Mac, Federal Reserve, Sallie Mae, Government Printing Office, Van Order, United States, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Congressional Budget Office, American Enterprise Institute, New York, Office of Federal Housing Enterprise Oversight, General Accounting Office, House of Representatives, Shadow Financial Regulatory Committee, Found September, Treasury Department, Financial Institutions Reform, Office of Thrift Supervision, Census Bureau, Federal Register, Hudson Institute, Single-Family Public Use Data, Wall Street Journal New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Surprise Me!
In 1999 and 2000 the American Enterprise Institute sponsored three conferences on the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), each exploring a different aspect of the public policy problem presented by these government-sponsored enterprises (GSEs). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
mean yield spreads, implicit federal guarantee, minority tracts, affordable housing goal, mortgage intermediaries, safety net subsidy, privatization reports, housing goals, conforming mortgages, mortgage market, federal budget process, funding subsidies, market share data, national mortgage associations, capital standards, full privatization, discount window, new regulator, agency status, charter act, mortgage portfolios Key Phrases - Capitalized Phrases (CAPs): (learn more)
Fannie Mae, Freddie Mac, Federal Reserve, Sallie Mae, Government Printing Office, Van Order, United States, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Congressional Budget Office, American Enterprise Institute, New York, Office of Federal Housing Enterprise Oversight, General Accounting Office, House of Representatives, Shadow Financial Regulatory Committee, Found September, Treasury Department, Financial Institutions Reform, Office of Thrift Supervision, Census Bureau, Federal Register, Hudson Institute, Single-Family Public Use Data, Wall Street Journal New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Surprise Me!
Citations (learn more)
This book cites 22
books:
See all 22 books this book cites
1
book
cites this book:
- Nationalizing Mortgage Risk: The Growth of Fannie Mae and Freddie Mac (AEI Studies on Financial Market Deregulation) by Peter Wallison in Front Matter, page 137, and Back Matter
- Banking and Financial Services: Career Paths (Tracks Directory) by J. Barber on page 38, and page 129
- Restructuring Regulation and Financial Institutions by Glenn Yago on page 136, and page 137
- Structural Change in Banking (New York University Salomon Center Series) by Michael Klausner on page 104
- Chicago Studies in Political Economy by George J. Stigler on page 106
See all 22 books this book cites
Books on Related Topics
(learn more)
|
What Other Items Do Customers Buy After Viewing This Item?
Tags Customers Associate with This Product(What's this?)Click on a tag to find related items, discussions, and people.
|
Listmania!
So You'd Like to...
|
|
