There is no better summary of how the housing / mortgage debacle in the USA happened. It is easy to read as it was written in the style of a whodunnit. It is also painful to read as the authors delve into the ego and corruption that exists throughout the mortgage industry, government agencies, politicians and regulators. You will find yourself shaking your head over and over again. How is this allowed to happen? The authors explicitly name names, many of whom are still treated as rockstars, courted by media, appointed to new, more powerful positions of influence and seemingly oblivious to the devastation their actions created. Highly recommended.

I really enjoyed this book. If you want to understand how the 2007 financial crisis started, why it started and how it unravelled, then this is a great book to choose. The greed and stupidity of some of the best and the brightest in this country, some of whom at least, are in positions of power and chartered with protecting the taxpayer, is just unbelievably astounding. The fact that so many of them are still there is sickening, to be honest. The book covers the roles played by mortgage brokers and realtors, but is mainly focused on untangling the roles of Fannie Mae and Freddie Mac, mortgage lenders, such as Countrywide, and Wall St players such as Goldman Sachs, in setting up the havoc played on the global financial system through the mortgage stream. The writing is accessible, whilst also managing to explain considerable detail. The authors do not assume familiarity with financial jargon beyond the most basic, and carefully explain the roles of regulators, and what some of the incredibly esoteric securities were comprised of. I learned a HUGE amount about the mortgage process in this country, and how a few players twisted it for their own ends, and in the process corrupted Congress and then laid the whole bill in the taxpayers' lap. The book isn't particularly politically partisan (although it would have been easy to do that), and although at its core is the premise that owning a home is not in everyone's best interest, it doesn't push it - just lays out the facts and tells the story. One thing I really took away from this was particularly apt for the political climate at present, with Republican primaries upon us for next year's presidential election. What is the role of regulators? Do they "get in the way" of free enterprise? Or do they have to work so closely with those they regulate in order to be relevant and effective, that they lay themselves open to corruption? Are they there to ensure a level playing field, or are they there to protect the stupid from themselves? I don't know the answer really, but it's sure given me something juicy to think about. 4 stars. Great read.

This is one of many excellent books written about the origins of the current financial crisis. I think it supplements other books because of its primary focus. The authors mention all basic reasons other writers have pointed out but emphases in different books vary. Some suggestions for additional reading are: Tett, Gillian, Fools Gold Reinhart, C.M and Roggoff, K. This Time Is Different Fleckenstein, Bill, Greenspan's Bubbles Sorkin, Andrew Ross, Too Big To Fail. Taleb, Nassim Black Swan is my next book to read, but I'm sure it is a must read given the critiques I have read. Also on my reading list is Shiller, Robert, Irrational Exuberance. (I'm sure it's a must read.)

A ringing indictment of not only the officers and employees at Fannie Mae and many in the mortgage industry but even more unsettleing is the behavior of Congress and the Executive branch of not only overlooking problems but making excuses and killing bills based on the best research---all the sake of gifts, Board seat of the very groups they were to watch over and of course to get campaign funds and votes. A very good and daring book---which Harry Markopolos' effort to expose the Madoff fraud, the press and regulators will overlook the evidence.