an excellent analysis of incentive conflicts arising from mortgage

securitization and discusses their effects on the resolution of the current

crisis. Remarkably, the book not only contains a critical analysis

of the past and current government policies, but also provides a set

of interesting ideas on how to reform the mortgage finance industry

going forward. I strongly recommend it to policymakers, analysts,

and researchers.”

-Tomasz Piskorski, Associate Professor of Finance and Economics,

          -Adam J. Levitin, Professor of Law, Gorgetown University Law Center and Special Counsel to the Congressional Oversight Panel 

“Way Too Big to Fail is a crisp, well-written and fascinating analysis

of policymakers missing the forest for the trees and unnecessarily prolonging

the financial crisis. Written by an astute observer and participant

in the financial market, the book offers an insider’s perspective of

the causes and consequences of the failure of the securitization market.

The book paints top policymakers as the modern Captain Smiths of

the financial Titanic, and shows how the textbook lessons they learned

about the Great Depression worked against them in commanding the

modern ship of finance. By pursuing policies rescuing individual

banks deemed “systemically important,” these policymakers actually

accelerated the decline of the securitization market at the heart of the

modern financial system.

The author also offers prescriptions to right the ship. I don’t agree

with all of his proposed solutions, but all deserve consideration. Most

importantly, the author shows that policymakers can’t come to a

rational solution without first understanding the true causes of the

problem.”

        -John Berlau, Director of the Center for Investors and Entrepreneurs

“Bill Frey offers a comprehensive guide to the ins and outs of our flawed mortgage finance system. Fortunately, he doesn't stop there, but also offers us a clear path towards fixing that system. His proposals would help restore the critical components of any market: a respect for contracts and property. At its heart, his blueprint is about bringing trust back into our mortgage market and reducing the role of the government in credit allocation. It is a read I highly suggest for anyone concerned about the future of our financial markets and our economy." 

-Mark A. Calabria, Director, Financial Regulation Studies at the Cato Institute and Former Staffer for the Senate Banking Committee

“Unlike the other authors of books written on the credit crisis,

Mr. Frey was there, witnessing first-hand the unseemly creations of

Wall Street and acting to protect clients from massive losses. Using

his in-depth knowledge of the mortgage securitization and servicing

areas, Mr. Frey offers sound thoughts on ways to correct the underlying

problems. Way Too Big to Fail is a must read for anyone interested

in the prospective health of our economy and in turn, our country.”

        -Sean J. Egan, Managing Director, Egan-Jones Ratings Co.