April 7th, 2011
One of the hidden risks for all Americans is the basically unchecked losses that are being covered by the federal government to keep the mortgage industry alive. The two key players are Fannie Mae and Freddie Mac. Today we look at the current state of these institutions in federal receivership and the role of Congressional pressure on regulators that will keep us at risk for many years.
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Lawrence J. White is Arthur E. Imperatore Professor of Economics at New York University’s Stern School of Business and where he is also the Deputy Chair of the Economics Department. During 1986-1989 he was on leave to serve as Board Member, Federal Home Loan Bank Board, in which capacity he also served as Board Member for Freddie Mac; and during 1982-1983 he was on leave to serve as Director of the Economic Policy Office, Antitrust Division, U.S. Department of Justice.
Larry is co-author of the book, Guaranteed to Fail: Fannie Mae, Freddie Mac and the debacle of Mortgage Finance
(From our December 2009 interview)
Bill Black is an Associate Professor of Economics and Law at the University of Missouri – Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. He was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and General Counsel of the Federal Home Loan Bank of San Francisco, and Senior Deputy Chief Counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement. He is also author of the book, The Best Way To Rob A Bank Is To Own One. You can watch the Bill Moyers interview that Black references in his interview with Business Matters here
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