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Analysts say that one reason Fannie Mae and Freddie Mac were privatized in the first place was to prevent political whims from dominating the mortgage marketplace.

From Charles Duhigg

Fannie Mae has traditionally only bought and sold mortgages. But when a loan held by the company goes into foreclosure, Fannie Mae gains ownership of the underlying property until it is resold to new investors.

From Charles Duhigg

When the mortgage giant Fannie Mae recruited Daniel H. Mudd, he told a friend he wanted to work for an altruistic business. Already a decorated marine and a successful executive, he wanted to be a role model to his four children - just as his father, the television journalist Roger Mudd, had been to him.

From Charles Duhigg

Medicare's top officials said in 2006 that they had reduced the number of fraudulent and improper claims paid by the agency, keeping billions of dollars out of the hands of people trying to game the system.

From Charles Duhigg

Fraudulent and improper payments have long bedeviled Medicare, a $466 billion program. In particular, payments for durable medical equipment, like power wheelchairs and diabetic test kits, are ripe for fraud.

From Charles Duhigg

Equipment sellers can pocket more than $2,500 every time they send a powered wheelchair to a patient and bill Medicare.

From Charles Duhigg

Fannie Mae and Freddie Mac buy mortgages from banks and other lenders, providing those financial institutions with capital to make new loans.

From Charles Duhigg

If Freddie Mac is unable to raise capital, it could spark a political and financial crisis.

From Charles Duhigg

Since the 17th century, insurance agents have been the foremost experts on risk.

From Charles Duhigg

In 1688, Edward Lloyd opened a coffeehouse on London's seafront popular among underwriters, men in powdered wigs with mathematical minds and steely constitutions who offered to compensate owners if their boats were lost at sea.

From Charles Duhigg

Charles Duhigg

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