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旅美资深咨询顾问、专栏作者。

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为什么美国两大政府资助的银行垮掉?  

2008-10-01 12:15:31|  分类: 默认分类 |  标签: |举报 |字号 订阅

  下载LOFTER 我的照片书  |

美国企业协会给出了解释:

 

AmericanEnterprise Institute ^

 

 

The Last Trillion-DollarCommitment
The Destruction of Fannie Mae andFreddie Mac
By PeterJ. Wallison, CharlesW. Calomiris
Posted: Tuesday, September 30,2008
FINANCIAL SERVICESOUTLOOK
AEI Online 
Publication Date: September 30,2008

Download file Click here to view this Outlook asan Adobe Acrobat PDF.

September 2008

The government takeover of Fannie Mae and Freddie Mac wasnecessary because of their massive losses on more than $1 trillionof subprime and Alt-A investments, almost all of which were addedto their single-family book of business between 2005 and 2007. Themost plausible explanation for the sudden adoption of thisdisastrous course--disastrous for them and for the U.S. financialmarkets--is their desire to continue to retain the support ofCongress after their accounting scandals in 2003 and 2004 and thechallenges to their business model that ensued. Although thestrategy worked--Congress did not adopt strong government-sponsoredenterprise (GSE) reform legislation until the Republicans demandedit as the price for Senate passage of a housing bill in July2008--it led inevitably to the government takeover and the enormousjunk loan losses still to come.

 

 

 

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