I recently completed the book Reckless Endangerment, a widely discussed and heavily promoted perspective on the mortgage and financial crisis. While the book is quite interesting and illuminating at times, it is a poorly written, incomplete and flawed analysis of recent events.

The book's strength is its description of how the fixation on affordable housing was allowed to morph into a goal that eclipsed other issues such as loan quality and institutional safety and soundness. It also describes how Fannie Mae, Freddie Mac and the lending industry exploited this to dominate housing finance and, for many years, defeat all attempts to circumscribe their activities. (Full disclosure: I worked for Countrywide Securities from 1996 to 2008.)

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