The mortgage wars : inside Fannie Mae, big-money politics, and the collapse of the American dream / Timothy Howard.

Includes bibliographical references and index.

The mortgage wars and the financial crisis. The financial market wildfire ; The largest credit market in the world -- Fannie Mae's rise to prominence. Birth, trial, and turnaround ; Managing risk ; The Volcker standard gives Fannie Mae an edge ; Fannie Mae's opponents change tactics ; Conflicts with fast-growing lenders -- The fight for the mortgage market. A surprise from the Treasury Department ; Private-label mortgage-backed securities ; A gathering storm of opposition ; Fannie Mae tightens its disciplines ; Private label takes center stage ; A compromise attempt turns into full-scale war -- Countdown to the meltdown. Allegations of fraud : the special examination ; Sorting out the facts ; Baseless demand, fateful results ; The market melts down : Fannie Mae is nationalized ; Aftermath.

Former Fannie Mae CFO, Timothy Howard provides an inside look at the war between the financial giants and government regulators. Examines how banking regulation, housing policy, Wall Street financial innovation, and political lobbying wreaked havoc on the American housing market and the world economy.