Regulating Fannie, Freddie, and other GSEs

Fannie Mae and Freddie Mac are much in the news today, as the federal government finds itself obliged to make the 'implicit' government guarantee quite explicit.

I wrote a lot about these strange entities some time ago, and you can read what I had to say about what should have been done at Reinventing the Government Corporation, 1995 Ill. L. Rev. 543.

Among other things, I advocated breaking up Fannie and Freddie into smaller bodies that would not be too big to fail, and that would compete more with each other. I also proposed various accountability measures, and even looked into the issuance of risky subordinated debt to act like a canary in a coal mine.

I've put the full table of contents in the extended part below.

A. Michael Froomkin, Reinventing the Government Corporation
1995 Ill. L. Rev. 543.

Table of Contents


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