Gretchen Morgenson

New York Times Business reporter, columnist, assistant business and financial editor. Co-author (with Joshua Rosner) of "Reckless Endangerment" (Henry Holt, 2011). Awarded the Pulitzer Prize in 2002 for "trenchant and incisive" coverage of Wall Street.

· 13y

Why were Freddie Mac and Fannie Mae acting like private corporations?

Fannie Mae began as a government agency--it was formed in 1938 to help borrowers in the Depression. But in the 1960s it was semi-privatized, issuing shares to investors. It wasn't until the early 1990s, however, that the company morphed from a kind of sleepy utility to a political animal, hellbent o…

(more)

Gretchen Morgenson

New York Times Business reporter, columnist, assistant business and financial editor. Co-author (with Joshua Rosner) of "Reckless Endangerment" (Henry Holt, 2011). Awarded the Pulitzer Prize in 2002 for "trenchant and incisive" coverage of Wall Street.

· 13y

After Angelo Mozilo (former CEO of Countrywide Financial) was fined $67.5 million, how much money did he have left?

Mr. Mozilo was fined $67.5 million by the Securities and Exchange Commission, but Bank of America/Countrywide or it insurers paid most of that amount. He only had to pay about $22 million of the fine. And since he sold upwards of $500 million of Countrywide shares during his final years at the helm…

(more)

Gretchen Morgenson

New York Times Business reporter, columnist, assistant business and financial editor. Co-author (with Joshua Rosner) of "Reckless Endangerment" (Henry Holt, 2011). Awarded the Pulitzer Prize in 2002 for "trenchant and incisive" coverage of Wall Street.

· 13y

Why did Countrywide Financial collapse?

Countrywide Financial collapsed because it had been among the most aggressive of subprime lenders during the mania and when the music stopped, it was without a chair. Luckily for its shareholders and co-founder, Angelo Mozilo, Bank of America purchased the company. That purchase has proven to be one…

(more)