Reckless Endangerment—-a book report

In which Fannie Mae and then imitators squander hundreds of billions, take a big cut, and shuck the losses onto the public.

The recent book “Reckless Endangerment”, by Gretchen Morgenson and Joshua Rosner, documents how Jim Johnson, head of Fannie Mae, profited from the gap between what private mortgage lenders had to pay for funds, and what the government-backed Fannie Mae had to pay. Fannie Mae, and Johnson, kept back about 1/3 …