David Fiderer is a prolific writer on the GSEs and his new book, The Plot To Destroy Fannie Mae: Anatomy Of A Power Grab, is now available on Kindle through Amazon.

Here’s the dust jacket blurb, if e-books can be said to have dust jacket.

For more than a decade, Fannie Mae has been portrayed as a mismanaged and corrupt company that collapsed in 2008 because of the fatal flaws in its business model. Henry Paulson blames Fannie and Freddie Mac for triggering the housing bubble and the financial crisis. This book addresses the mendacity used to distract away from Wall Street corruption.

You can check some of his other work here. Check out HousingWire's ongoing coverage of the FannieGate saga here.

Here’s a quick rundown from Bill Maloni’s GSE blog.

All of Fiderer’s research comes from publicly available documents, which is pleasing and easily verifiable. (Reportedly, he wore out two library cards at the NYC public library branch in Greenwich Village.)

Fiderer describes why F&F were not derelict when Paulson led his insidious and politically motivated actions, nor was their low-income lending anywhere near as red-ink-filled as their so called “private sector competitors.” In fact, the banks had three and four times the losses on their in-house mortgage-backed securities as Fannie and Freddie accrued, a fact their detractors and most of Washington chooses to ignore, as the Congress and the Obama Administration bend over backwards to accommodate the Too Big to Fail” (TBTF) Banks.  

(I encouraged DF to conclude his long editing process and publish it, now, “warts and all,” so you can partly blame me for any typos, etc. I just thought he should get his labor of love out there ASAP because it is so rich in what people are talking about today in the GSE world. His facts aren’t flawed, just a word here and there, and a few of his sentences.)

Because of their roles in setting up a hurricane of GSE lies and specious allegations, Treasury Secretary Hank Paulson and some of his Administration colleagues, OFHEO regulatory officials Armando Falcon, Steven Blumenthal, Alfred Pollard, FHFA Director James Lockhart, media types, and other public officials inhabit Fiderer’s special GSE rogues gallery.

They all put their DNA and fingerprints on the choreographed downfall of the nation’s premium mortgage finance companies, for reasons which most readers will understand don’t pass muster but which still seem politically appealing to many.

But while Fiderer’s many perpetrators attempted to hasten the GSEs demise, none of them anticipated Fannie’s and Freddie’s dramatic rebirth/recovery to operational life, national productivity, and multi-billion profit, which both compounded initial government errors in 2008 and ushered in a new round of Treasury’s twisted GSE policies in 2012.