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New Meetup: Fannie and Freddie - What Went Wrong? Should America Continue the GSEs?

From: saul d.
Sent on: Friday, November 14, 2008 2:00 PM
Announcing a new Meetup for Economist readers!

What: Fannie and Freddie - What Went Wrong? Should America Continue the GSEs?

When: November 19,[masked]:30 PM

Where: Click the link below to find out!

Meetup Description: The following event is being run by the 'The Donald & Paula Smith Family Foundation'
The Donald & Paula Smith Family Foundation

Present a Discussion

Fannie and Freddie

What Went Wrong? Should America Continue the GSEs?

For decades, Fannie Mae and Freddie Mac proped up the U.S. home mortgage market through, among other things, buying loans from other lenders. Fannie & Freddie were hybrid organizations -- created and backed by the federal government as Government Sponsored Entities (GSEs), but owned by private stockholders.
Then as home prices fell and mortgage defaults grew over the last four quarters, Fannie & Freddie reported combined net losses of $14.9 billion. The troubles culminated in September when both companies' operations were seized by the federal government. Still, they both continue to function, and together Fannie Mae & Freddie Mac presently own or guarantee at least 40% of the $12 trillion in outstanding U.S. residential-mortgage debt.

In our next debate, we'll ask how we got here, and what we should do. Were the Fannie/Freddie failures the result of insufficient federal regulation of the financial services industry, leaving Fannie/Freddie as victims of the now-famous "credit default swaps" -- or were they fatally flawed institutions long before, structured on a dangerous premise: to make homeowners out of people who actually couldn't afford the privilege?

Our Panel
Jerry Howard, CEO National Association of Homebuilders
NAHB Responds to Government Action on Fannie Mae, Freddie Mac

Peter Wallison, Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute
Deregulation Not to Blame for Financial Woes

Moderated by: Bob Bowdon

Background Stories
The People Responsible for Fannie Mae and Freddie Mac, Motley Fool
Krugman: Fannie & Freddie, Paul Krugman, Princeton University
Winners & Losers of the Fannie & Freddie Bailout, Heidi N. Moore, Wall Street Journal

The event is free and open to the public, but you must RSVP through this site.

Wednesday, November 19, 6:30pm Sharp!
The Cooper Union, Great Hall
7 E. 7th Street at Third Avenue

*Note New Location
Click here
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Bob Bowdon
[address removed]

Mission of the Donald & Paula Smith Family Foundation
The Foundation defends free speech and a free society through the critical examination of ideas, sponsoring debates and related activities in the New York area. In a world where philosophical arguments all too often take the form of partisan rancor and anti-intellectual appeals, the Foundation hopes to serve as a reminder that we are united by a deeper loyalty: to skeptical analysis, reason, and truth-seeking. The Foundation aims to foster informed debates that are both vigorous and civil, on topics ranging from economics to ethics, from politics to art, and beyond. Some debates will yield clear answers and some debates can never be settled, but the argumentative process itself can serve as a model of rational discourse in an often divided society.

The Donald & Paula Smith Family Foundation
152 West 57th Street, 22nd Floor New York, NY10019

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