Days of slaughter

"Days of Slaughter: The Fall of Freddie Mac and Why It Could Happen Again is the untold story of the steady financial and ethical unwinding of Freddie Mac, one of two key government-sponsored enterprises that failed in the wake of the unprecedented collapse of the housing market in 2008. A former 19-year employee and VP of public policy, Gates provides an eyewitness account of the competing economic and political forces that led to the government takeover of the housing finance industry, and relates those fateful decisions to today's worrisome headlines about the possibility of a second Freddie Mac bailout, softening housing markets, and stymied congressional reform efforts. Gates argues that, without addressing deeper issues of ideology, moral hazard, and interest-group politics, policymakers will not be able to reform the massive housing finance system that currently rests on taxpayer support in the absence of private capital. While there have been a number of books written on the financial crisis, not one has been solely focused on Freddie Mac, and none has had the benefit of an insider-employee perspective. In addition to providing a readable account of relevant housing policies, complex financial transactions, and the crazy quilt of federal and state actors, Gates addresses previously unexplored issues of political ideology, organizational theory, and ethics. A cautionary tale of ethical collapse, the book will find a home in academia, ranging from business schools to schools of public policy"--