Reckless endangerment book summary. Reckless Endangerment while Fracking the Eagle Ford: Government fails, public health suffers and industry profits from the shale oil boom 2022-10-15
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Reckless Endangerment is a book written by Gretchen Morgenson and Joshua Rosner that discusses the events leading up to the financial crisis of 2008. The book argues that the crisis was not simply the result of a few bad actors or a series of unrelated events, but rather the result of systemic problems within the financial system itself.
The authors identify several key players and institutions that played a significant role in the crisis, including Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development (HUD). They argue that these institutions, which were created to promote affordable housing and homeownership, instead contributed to the housing bubble and ultimately the financial crisis.
Fannie Mae and Freddie Mac, which are government-sponsored enterprises (GSEs), were created to purchase and securitize mortgages from banks, making it easier for banks to lend money to potential homeowners. However, the authors argue that these institutions became increasingly politicized and lost sight of their original mission. They started to focus on meeting affordable housing goals set by Congress, which led them to purchase subprime mortgages and mortgage-backed securities that were riskier and less profitable.
The Department of Housing and Urban Development (HUD) also played a role in the crisis by implementing policies that encouraged the use of risky mortgage products. These policies included the Community Reinvestment Act (CRA), which required banks to lend to low-income and minority borrowers, and the Affordable Housing Goals, which set targets for Fannie Mae and Freddie Mac to purchase a certain percentage of their mortgages from low- and moderate-income borrowers.
According to the authors, these policies led to a proliferation of subprime mortgages, which were given to borrowers with poor credit or a high risk of default. These mortgages were then bundled together and sold as securities, which were bought by investors around the world. When the housing market started to decline and homeowners began defaulting on their mortgages, the value of these securities plummeted, leading to widespread losses and a financial crisis.
Reckless Endangerment argues that the financial crisis was not the result of a few rogue actors, but rather the result of systemic problems within the financial system. The authors argue that the government's focus on promoting affordable housing led to the proliferation of risky mortgage products, which ultimately contributed to the housing bubble and the financial crisis. The book is a cautionary tale about the dangers of mixing politics and finance and serves as a reminder of the need for strong regulation and oversight to prevent future financial crises.
‎Reckless Endangerment on Apple Books
He has had published eight recent novels as part of the series, as well as two nonfiction titles: The Piano Teacher 1987 , exploring his investigation and prosecution of a recidivist psychosexual killer, and Badge of the Assassin 1979 , about his prosecution of cop killers, which was made into a movie starring James Woods as Tanenbaum. Not too much character background maybe because the book is part of a series, and the author expects the reader to read them in order. The carefully complex plot centered on the interaction between Arab terrorists, Mexican drug runners, and Hasidic Jews fighting it out on the streets of NYC in 1981, all of them presented from law enforcement's point of view as pitiless, hateful troublemakers. These are mere quibbles that keep me from awarding this one four stars. Once you read the first two chapters, the book's theme becomes repetitive.
Reckless Endangerment (Summary) by Gretchen Morgenson · OverDrive: ebooks, audiobooks, and more for libraries and schools
This impassioned book might have benefited from fewer anonymous sources and a more even tone. Here the power faces a couple of out-of-town assassans -- some from the Middle East and another from Mexico -- who collide in an unlikely blow-out in Queens, killings scores, including police. Is it true to life? Smart is sexy, according to Easton, which is why she writes about strong female characters who have their flaws and challenges but ultimately persevere. Regulators across the country were either beaten back or lulled into complacency by the banks they were supposed to police. However another book enjoyed for its entertainment value, even if of little literary value.
Reckless Endangerment while Fracking the Eagle Ford: Government fails, public health suffers and industry profits from the shale oil boom
Finally, Fannie Mae's aggressive lobbying and its methods for neutering regulators and opponents were also copied by much of the financial industry. That would explain my sense that there was not a lot of character development - it had already been accomplished in the previous 9 volumes, I assume. Prior to joining the Times in 1998, she worked as a broker at Dean Witter in the 1980s, and as a reporter at Forbes, Worth, and Money magazines. . On the contrary, the homeownership strategy of 1994 came about as the economy was rebounding from the recession of 1990 and '91 and about to enter a long period of enviable growth. .
Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Created the Worst Financial C…
Seems like there were a lot of huge companies in bad shape and plenty of bad decisions to go around. Character-rich and definitive in its analysis, and with a new afterword that brings the story up to date, this is the one account of the financial crisis you must read. In fact, they seem to put their children in harms way. The Manhattan courts are backed up worse than Midtown at rush hour, and that means plea bargains. It was during this time that Tanenbaum began his career as a novelist, drawing from the many fascinating stories of his time as a New York ADA. In fact there were times when it almost read like a screenplay for such a movie.
Is it a turf war, or has someone in the NYPD turned vigilante? By 2008, the American economy was in tatters, jobs were disappearing, and the nation's middle class was imperiled by free-falling home prices and hard-hit retirement accounts. I think the book is based on a lot of detailed reporting but, at least to me, it didn't do a good job of presenting the big picture - Countrywide and Fannie Mae clearly had big problems but how much of the crisis was directly attributable to them? No matter where you fall on these issues these books bring awareness that years after being written are relevant!!! For millions of families, especially those in the lower economic segments of the population, borrowing to buy a home had put them squarely on the road to personal and financial ruin. But isn't that part of the fun of reading? But for some, murder is beyond reason. She currently has three romantic suspense novels out in the world, Kiss Me Slowly, Riptide and Reckless Endangerment, and a contemporary romance novella, Anonymity. The ongoing relationship of Butch Karp, his wife Marlene Ciampi and their family continues in this and subsequent novels. For twenty years, she's worked in the fields of journalism and advertising with a brief detour into the financial industry.
Heroes come in many forms--soldiers who fall and rise, ordinary people doing extraordinary things, women who battle for their marriage, reporters who fight for truth and justice, and men who put it all on the line for the women they love. All the critics were either willfully ignored or silenced by well-funded, self-interested, and sometimes vicious opposition. Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco. She lives with her husband and son in New York City. Lauren Corsetti has clawed her way out of poverty and worked herself to the bone for a chance to practice law. Now it seems her hard work is about to pay off. An undercover cop is shot to death while off duty.
Reckless Endangerment Free Summary by Gretchen Morgenson and Joshua Rosner
So overall a good read. According to New York Times Pulitzer Prize winner Gretchen Morgenson and her co-author Joshua Rosner, it all started with a government housing effort called National Partners in Homeownership and a Washington insider named James A. I have read this series so far out of order that I actually am happy now to read earlier books to get some clarity and background!!! Seems like th Too much outrage and very "ranty", which made it hard for me to read. His successful debut novel, No Lesser Plea 1987 , introduces Butch Karp, an assistant district attorney who is battling for justice, and Marlene Ciampi, his associate and love interest. We rate each piece of content on a scale of 1—10 with regard to these two core criteria.
With it, he threatened his enemies and regulators while rewarding his supporters. Its reach extended from the mortgage broker on Main Street to the Wall Street traders and finally to the hallowed halls of Congress. That said, we have a Mexican assassin and some Middle East terrorists to do all the crazy stuff for us. The Office of Federal Housing Enterprise Oversight OFHEO , which Congress had created in 1992, was charged with regulating Fannie Mae and its twin, the Federal Home Loan Mortgage Corporation Freddie Mac. Walking up from the lower-level conference room where he had addressed the Institute of International Bankers, Frank was asked whether he had considered the possible downsides to the homeownership drive.
Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon by Gretchen Morgenson
I was able to follow how all the different plot lines wound together better in this tale as well. Parts of the novel read like a s This is my favorite Butch and Marlene story to date. Instead, in just a few short years, all of the venerable rules governing the relationship between borrower and lender went out the window, starting with the elimination of the requirements that a borrower put down a substantial amount of cash in a property, verify his income, and demonstrate an ability to service his debts. It covers important and sometimes easily forgotten recent history in a sweeping — but not all-encompassing — explanation of what led the US to the edge of the abyss in September 2008. .
