Tim Howard’s Book Out Early;
Read it Now, Get it for a Friend
I’ve been in San Diego the past few days for family pleasant matters and just learned upon getting home this afternoon that “The Mortgage Wars,” ex-Fannie CFO Tim Howard’s book, has been issued about three weeks early and is available for sale on Amazon and, I assume, elsewhere.
That’s fabulous because folks reading my blog know I believe it will add immeasurably to the Fannie Mae and Freddie Mac discussions currently going on and be quiet revealing to those with short memories but with mortgage policy responsibilities.
It’s the first book exclusively by a Fannie insider, who discusses in detail the “war” between Fannie and Freddie and the large commercial banks and other Fannie business opponents, who were joined by Bush Administration regulators, staff, and other ideological soul mates.
Of course many on Capitol Hill and elsewhere right now are up to their eyeballs in these matters and may not read the book, because Howard can’t reduce the 2004 catastrophe to one or two pages. (These are the same people who will insist that Fannie and Freddie caused the 2008 financial meltdown and ignore the $2 Trillion in worthless private label mortgage securities sold by the big banks and Wall Street throughout the world.)
But those with an appetite to read some recent history will gain a share of the outrage and disappointment that incompetents and biased regulators can wreak, not just on innocent individuals like Tim Howard, Frank Raines, and Leanne Spencer—Fannie official forced from office by slanderous allegation of securities fraud—later quashed by a federal judge, but also the systemic damage the same charges produced when successor Fannie officials succumbed to the Wall Street subprime siren calls.
After you get and read your copy of “The Mortgage Wars,” feel free to use this blog’s comment section to share your opinions. Or, you can communicate with Tim through publisher McGraw Hill.
Don’t pull any punches, if you think Tim’s wrong (and me along with him), tell us!
But, if Howard (and to a far lesser extent this blogger) have nailed it, tell that to others, too, after telling us!