● All the Devils Are Here: The Hidden History of the Financial Crisis
By Bethany McLean and Joe Nocera
Review via Canadian Press
At its core, the story was about an intoxicating and uniquely American dream of home ownership, according to McLean and Nocera. The narrative let Federal Reserve Chairman Alan Greenspan recommend with a straight face against regulating mortgage securities and other derivatives because that would limit home ownership…Government-sponsored businesses such as Fannie Mae, Ginnie Mae and Freddie Mac could expand beyond any previous understanding of what was sustainable as long as they talked about middle-class borrowers — even if the only people who ultimately benefited were wealthy and institutional investors.
