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Review title: WHOOPS. After this analysis of Fannie Mae, how can you believe anything they say in this book?
Product review: WHOOPS. Check out this quote from the book: "Fannie Mae grasped the subtle denominator of profit per mortgage *risk level*, not per mortgage (which would be the "obvious" choice). It's a brilliant insight. The real driver in Fannie Mae's economics is the ability to understand risk of default in a package of mortgages better than anyone else. Then it makes money selling insurance and managing the spread on that risk. Simple, insightful, unobvious--and right."Oh except that it wasn't right. It was dead wrong. Fannie's "brilliant insight" represents the rampant irresponsibility that caused the financial crisis and literally broke the entire economy.So much for "good" to "great". How can you believe a book whose analysis was so apocalyptically wrong.
