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Way Too Big to Fail: How Government and Private Industry Can Build a Fail-Safe Mortgage System Paperback – October 31, 2011
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Adam J. Levitin, Professor of Law, Georgetown University
From the Author
Top Customer Reviews
One of the great tidbits of the book is back on page 264, a letter from Barney Frank acting as Chm of the House Committee on Financial Services and signed by 6 members. Most likely the letter was drafted by outraged banks whose blatant attempt at theft by government gift from the noteholders had been dragged into the light. The letter from Barney begins with "We are outraged...."and continues on to demand that Frey appear before the Committee to explain his crimes of free speech. Frey relates his amazement that during the pre appearance interviews, Barney's staff demonstrated time and again that they had no concept of how the securitization process worked or the content of the basic documents. In the end they decided that hauling Frey into the tv lights would simply prove what the public had come to suspect, they were idiots on the payroll of the perps.
Most of us are likely to finish the decade from 2005 to 2015 poorer than we started. OK our financial statements may not reflect the loss, but that's only because we do not carry our share of the national, state and local debt plus underfunded government pensions on our financial statements. The primary cause of this debacle was the widespread malfeasance and corruption in the real estate and securities industries during the middle of the last decade.
A few hours before starting the book I read an article on the California AG and the 49 state settlement in one of the national magazines.Read more ›
William A. Frey has distilled penetrating insights from his career in what may be the most comprehensive, accessible primer on residential mortgage securitization. (H even includes a glossary for further guidance.) Using lucid explanations and examples, he has written his book for policymakers and lay readers new to the subject, with the hope that legislators, regulators, and MBS participants will adopt his proposals.
Frey offers much more than a much-needed introduction to the complexities of mortgage securitization. He provides a short overview of the historical context for the mortgage crisis. He not only explains its causes and government failures to remedy it, but also proposes specific MBS reforms that rationally realign incentives of all participants in the MBS market. He finds that the crisis will continue unless the federal government stops interfering with MBS contracts and helps MBS investors resolve conflicts of interest among servicers and other MBS participants.
Frey's insights will help fill a gap in the public's understanding of the mortgage crisis, whether or not his reform proposals merit wider political support. In fact, in at least two of his proposed reforms, Frey appears to aim at the wrong target. He singles out the perceived risk-advantages of homeowners as a primary culprit in the crisis, without fully considering the role of systematic, regulatory failures, especially by the Federal Reserve.
Frey identifies large interest rate movements as a significant cause of both the savings-and-loan and MBS implosions.Read more ›
In particular, the book excels in two major ways:
First, it discusses important issues regarding the U.S. real estate market and overall economy in an easy and enjoyable way.
Second, it proposes solutions rather than just re-telling the story of how we got into this mess (although it also does an excellent job of providing a holistic historical backdrop in addition to proposing solutions on how to best fix the mess).
I highly recommend all citizens concerned with the future of our economy to add this insightful book to their collection.
Most Recent Customer Reviews
Way Too Big to Fail: How Government and Private Industry Can Build a Fail-Safe Mortgage System persuasively establishes that the a properly functioning mortgage market is critical... Read morePublished on May 16, 2012 by Robert L. Christensen, CPA
Why have we had a mortgage meltdown and why is the foreclosure crisis so difficult to resolve? A big part of the answer involves mortgage-backed securities and how they've been... Read morePublished on January 27, 2012 by Real Ground