Sound Bite
This is an opinionated book with an attitude! The author, a CPA and MBA, presents economic information in a conversational tone and meticulously backs up his views with references, charts, and quotes.
In the 15 years preceding the financial crisis, United States regulators were primarily concerned with the expansion of home ownership ' particularly 'affordable housing.' They showed zero concern with regard to the financial health of banks.
In a conversational tone, Joseph N. Fried examines the factors leading to the financial crisis of 2007/8 and the mess it's put us in today.
About the Book
- Unlike other books pertaining to the financial crisis of 2007/8, the author presents a wide variety of factors ' including some that originated in the governmental sector and others that originated in the private sector. The tone is conversational. The book includes several subjects that are almost completely ignored in the rest of the literature.These subjects include the detrimental impact of automated underwriting systems that were heavily promoted by Fannie Mae and Freddie Mac.
- Drive-by house appraisals.
- The impact of hundreds of local housing programs funded by HUD, state governments, and housing advocacy groups.
- False delinquency statistics put forth by Fannie Mae and Freddie Mac.
- 'Silent second" and 'piggyback;' loans.
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