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000775937 010__ $$a  2016024508
000775937 020__ $$a9781421421933$$q(hardcover)
000775937 020__ $$a1421421933$$q(hardcover)
000775937 020__ $$z9781421421940$$q(electronic book)
000775937 035__ $$a(OCoLC)ocn961409946
000775937 035__ $$a775937
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000775937 05000 $$aHG2040.5.U5$$bG38 2017
000775937 08200 $$a332.7/220973$$223
000775937 1001_ $$aGates, Susan Wharton,$$eauthor.
000775937 24510 $$aDays of slaughter :$$binside the fall of Freddie Mac and why it could happen again /$$cSusan Wharton Gates.
000775937 264_1 $$aBaltimore, Maryland :$$bJohns Hopkins University Press,$$c2017.
000775937 264_4 $$c©2017
000775937 300__ $$axii, 286 pages ;$$c24 cm
000775937 336__ $$atext$$btxt$$2rdacontent
000775937 337__ $$aunmediated$$bn$$2rdamedia
000775937 338__ $$avolume$$bnc$$2rdacarrier
000775937 504__ $$aIncludes bibliographical references (pages 257-278) and index.
000775937 5050_ $$aPrologue : acknowledging the obvious -- Reckoning day -- Homeownership : dream or nightmare? -- Securitization breakdown -- Charter confusion -- Affordable housing -- Subprime semantics -- Political capture -- Who's ultimately responsible? -- Scandal(s) -- Battle for responsible credit leadership -- One tough bill -- Stand up and say -- The unraveling -- Sad good-byes -- Housing's future -- Wherefore ethics?
000775937 520__ $$a"In September 2008, beset by mounting losses on high-risk mortgages and mortgage securities, the Federal Home Loan Mortgage Corporation teetered on the brink of insolvency. Fearing that confidence in the housing market would collapse completely if Freddie Mac and its competitor Fannie Mae failed, the US government made the difficult decision to place the two firms into conservatorship, taking control away from shareholders. Although the taxpayer commitment of hundreds of billions was meant to stabilize the housing finance system, Freddie's fall at the start of the financial crisis set off shockwaves around the world. In Days of Slaughter, Susan Wharton Gates, a former 19-year Freddie Mac employee and vice president of public policy, provides a vivid eyewitness account of the competing economic and political forces that led to massive losses for shareholders, investors, homeowners--and taxpayers. With a keen eye to the policy landscape, Gates relates the fateful decisions that led to Freddie Mac's downfall and desperate rescue. She also examines today's worrisome headlines about potential future bailouts, the uneven housing recovery, and stymied congressional reform efforts. Throughout the book, Gates argues convincingly that policymakers will be unable to safely reform the massive housing finance system that currently rests squarely on taxpayer shoulders without addressing deeper issues of ideology, moral hazard, and interest group politics. The first book to tell the story of Freddie Mac from an insider perspective--while casting a prophetic eye to the future--this first-hand account of housing policies, complex financial transactions, and the crazy quilt of federal and state actors involved in the Great Recession is a must-read. A cautionary tale of failed policies and corporate mismanagement that compellingly addresses previously unexplored issues of political ideology, organizational dynamics, and ethics, Days of Slaughter will appeal to readers everywhere who want a fuller explanation of what went awry in the US housing market"--$$cProvided by publisher.
000775937 520__ $$a"Days of Slaughter: The Fall of Freddie Mac and Why It Could Happen Again is the untold story of the steady financial and ethical unwinding of Freddie Mac, one of two key government-sponsored enterprises that failed in the wake of the unprecedented collapse of the housing market in 2008. A former 19-year employee and VP of public policy, Gates provides an eyewitness account of the competing economic and political forces that led to the government takeover of the housing finance industry, and relates those fateful decisions to today's worrisome headlines about the possibility of a second Freddie Mac bailout, softening housing markets, and stymied congressional reform efforts. Gates argues that, without addressing deeper issues of ideology, moral hazard, and interest-group politics, policymakers will not be able to reform the massive housing finance system that currently rests on taxpayer support in the absence of private capital. While there have been a number of books written on the financial crisis, not one has been solely focused on Freddie Mac, and none has had the benefit of an insider-employee perspective. In addition to providing a readable account of relevant housing policies, complex financial transactions, and the crazy quilt of federal and state actors, Gates addresses previously unexplored issues of political ideology, organizational theory, and ethics. A cautionary tale of ethical collapse, the book will find a home in academia, ranging from business schools to schools of public policy"--$$cProvided by publisher.
000775937 61020 $$aFederal Home Loan Mortgage Corporation.
000775937 650_0 $$aSubprime mortgage loans$$zUnited States.
000775937 650_0 $$aGlobal Financial Crisis, 2008-2009.
000775937 650_0 $$aHousing policy$$zUnited States.
000775937 85200 $$bgen$$hHG2040.5.U5$$iG38$$i2017
000775937 909CO $$ooai:library.usi.edu:775937$$pGLOBAL_SET
000775937 980__ $$aBIB
000775937 980__ $$aBOOK