The former Fannie Mae CFO's inside look at the war between the financial giants and government regulators A provocative true-life thriller about the all-out fight for dominance of the mortgage industry—and how it nearly destroyed the global financial system Many books have been written about the 2008 financial crisis, but they miss the biggest story of the meltdown: the battle between giant financial companies to dominate the $11 trillion mortgage market that almost destroyed the global financial system. For more than twenty years, until 2004, Timothy Howard was a senior executive at the best known of those companies, Fannie Mae, and he was in the middle of that fight. In The Mortgage Wars, Howard explains how seemingly unrelated developments in banking regulation, housing policy, Wall Street financial innovation, and political lobbying all combined to wreak havoc on the American housing market and the world economy. Timothy Howard was Vice Chairman and Chief Financial Officer of Fannie Mae until 2004. Prior to this, he was senior financial economist at Wells Fargo Bank in San Francisco.

Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.

Provides a general mathematical framework for the analytical aspects of stochastic automata. Shows that under certain topological conditions, non-deterministic automata are generated, which in some cases are produced by stochastic automata.

“This is a timely book... [It] should be mandatory reading..." — Minnesota Star Tribune More severe storms and rising seas will inexorably push the American coastline inland with profound impact on communities, infrastructure, and natural systems. In A New Coast, Jeffrey Peterson draws a comprehensive picture of how storms and rising seas will change the coast. Peterson offers a clear-eyed assessment of how governments can work with the private sector and citizens to be better prepared for the coming coastal inundation. Drawing on four decades of experience at the Environmental Protection Agency and the United States Senate, Peterson presents the science behind predictions for coastal impacts. He explains how current policies fall short of what is needed to effectively prepare for these changes and how the Trump Administration has significantly weakened these efforts. While describing how and why the current policies exist, he builds a strong case for a bold, new approach, tackling difficult topics including: how to revise flood insurance and disaster assistance programs; when to step back from the coast rather than build protection structures; how to steer new development away from at-risk areas; and how to finance the transition to a new coast. Key challenges, including how to protect critical infrastructure, ecosystems, and disadvantaged populations, are examined. Ultimately, Peterson offers hope in the form of a framework of new national policies and programs to support local and state governments. He calls for engagement from the private sector and local and national leaders in a “campaign for a new coast.” A New Coast is a compelling assessment of the dramatic changes that are coming to America’s coast. Peterson offers insights and strategies for policymakers, planners, and business leaders preparing for the intensifying impacts of climate change along the coast.