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Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis

by

Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis Cover

 

Synopses & Reviews

Publisher Comments:

Americans are losing their homes at a rate not seen since the Great Depression. Prices continue to fall sharply despite the reassurances of just a few years ago that all was rosy on the housing front. Many factors have been blamed for this crisis, but who is really responsible? And perhaps more importantly, why was everyone so taken by surprise?

In Chain of Blame, acclaimed financial reporters Paul Muolo and Mathew Padilla go behind the headlines to tell the inside story of why Wall Street's established investment banks bear much of the blame for the events that have cost millions of Americans their homes. They show in detail how, from 2000 to 2007, executives from Merrill Lynch, Bear Stearns, Lehman Brothers, and others financed non-bank mortgage lenders that eagerly sold their mortgages to consumers through loan brokers. Wall Street then sold bonds backed by subprime mortgages to overseas investors in Europe and Asia—which led to financial difficulties there as well.

The authors build their compelling story around the key players in this tragedy, first and foremost being Angelo Mozilo, founder and CEO of Countrywide Financial, America's largest home mortgage lender. From Mozilo's July 2007 conference call with a group of top Wall Street equities analysts—which marks the true beginning of this fiasco—to his congressional rebuke in 2008, Chain of Blame chronicles the crisis in detail, showingreaders what happened, who is responsible, and what lies ahead.

As the dust settles around these life-shattering events, the blame game has begun. But as Muolo and Padilla show with stunning clarity, there is really no single entity or individual to point the finger at. It was a mix of factors and participants—the world's largest investment banks, homeowners, lenders, credit rating agencies and underwriters, and investors—that precipitated the current subprime mess.

Chain of Blame ultimately reveals how human behavior and greed drove the demand, supply, and the investor appetite for these types of loans—and how Wall Street was all too willing to satisfy the desires of those who should have known better.

Synopsis:

An updated and revised look at the truth behind America's housing and mortgage bubbles

In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.

Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. In it, authors Paul Muolo and Mathew Padilla reveal the truth behind how this crisis occurred, including what individuals and institutions were doing during this critical time, and who is ultimately responsible for what happened.

  • Discusses the latest revelations in the housing and mortgage crisis, including the SEC's charging of Angelo Mozilo
  • Two well-regarded financial journalists familiar with the events that have taken place chronicle the crisis in detail, showing what happened as well as what lies ahead
  • Discusses how the world's largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime mess

Intriguing and informative, Chain of Blame is a compelling story of greed and avarice, one in which many are responsible, but few are willing to admit their mistakes.

Synopsis:

In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers andcon artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.

Chain of Blamechronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. Authors Paul Muolo and Mathew Padilla, well-regarded journalists for National Mortgage News and the Orange County Register respectively, reveal the truth behind how this crisis occurred, what individuals and institutions-from lenders and brokers to some of the biggest investment banks in the world-were doing during this critical time, and who is ultimately responsible for what happened.

About the Author

Paul Muolo is Executive Editor of National Mortgage News—which won a Polk Award in 1990 for its reporting on the S&L crisis—and is also coauthor of Inside Job: The Looting of America's Savings and Loans, which spent five weeks on the New York Times bestseller list. His freelance work has appeared in the New York Times, the Washington Post, and Barron's. Muolo has been a guest financial expert on numerous media outlets, including CNN, CNBC, ABC, and Fox Business Network.

Mathew Padilla is a business reporter for the Orange County Register. His work, and that of two other colleagues, on the implosion of the Southern California subprime industry was selected by the paper's editors as a submission for the Pulitzer Prize and recognized by the Society of American Business Editors and Writers.

Table of Contents

Acknowledgments.

Introduction.

Cast of Characters.

Chapter 1. Angelo Speaks, the World Wide Contagion Begins.

Chapter 2. The Repo Man Meets the Bald Granny: A Short History of Subprime.

Chapter 3. The Death of the Bailey Building and Loan, the Rise of Millionaire Loan Brokers and Countrywide.

Chapter 4. The Beach Boys of B&C: How Roland Arnall Became the Johnny Appleseed of Subprime.

Chapter 5. Angelo Rising: The Son of a Bronx Butcher Makes Good.

Chapter 6. The Holy Roller of REITs.

Chapter 7. The End of the (New) Century.

Chapter 8. A Conspiracy by Merrill?

Chapter 9. A Warning from Lewie: CDOs, SIVs, and Other Things No One Understands.

Chapter 10. Deep in the Belly of the Bear.

Chapter 11. Armageddon Times: The Tan Man Departs, Bye-Bye Bear.

Chapter 12. What The Hell Happened? Ten Bad Years for Housing in America?

Afterword. We Buried (Some of) Our Garbage Overseas.

Source and Interview Notes.

Glossary.

About the Authors.

Index.

Product Details

ISBN:
9780470292778
Author:
Muolo, Paul
Publisher:
John Wiley & Sons
Author:
160
Author:
Padilla, Mathew
Author:
&
Author:
Padilla
Author:
Mathew
Subject:
Mortgage loans
Subject:
Stock exchanges
Subject:
Finance
Subject:
Economic Conditions
Subject:
Mortgage loans -- United States.
Subject:
Mortgages -- United States.
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Business-Accounting and Finance
Subject:
Finance & Investments Special Topics
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Subject:
Chain of Blame, Paul Muolo, Muolo, Mathew Padilla, subprime mortgages, subprime mortgage crisis, mortgage meltdown, housing bubble, mortgage bubble, foreclosures, mortgage lenders, borrowers, adjustable rate mortgages, ARMs, refinancing, interest rates, h
Copyright:
Publication Date:
July 2008
Binding:
HARDCOVER
Grade Level:
General/trade
Language:
English
Pages:
352
Dimensions:
9.34x6.82x1.16 in. 1.21 lbs.

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Related Subjects

Business » Accounting and Finance
Business » Investing
Business » Real Estate
History and Social Science » Economics » General
History and Social Science » Economics » US Economy
Science and Mathematics » Chemistry » Organic

Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis Used Hardcover
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$5.95 In Stock
Product details 352 pages John Wiley & Sons - English 9780470292778 Reviews:
"Synopsis" by , An updated and revised look at the truth behind America's housing and mortgage bubbles

In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.

Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. In it, authors Paul Muolo and Mathew Padilla reveal the truth behind how this crisis occurred, including what individuals and institutions were doing during this critical time, and who is ultimately responsible for what happened.

  • Discusses the latest revelations in the housing and mortgage crisis, including the SEC's charging of Angelo Mozilo
  • Two well-regarded financial journalists familiar with the events that have taken place chronicle the crisis in detail, showing what happened as well as what lies ahead
  • Discusses how the world's largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime mess

Intriguing and informative, Chain of Blame is a compelling story of greed and avarice, one in which many are responsible, but few are willing to admit their mistakes.

"Synopsis" by , In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers andcon artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.

Chain of Blamechronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. Authors Paul Muolo and Mathew Padilla, well-regarded journalists for National Mortgage News and the Orange County Register respectively, reveal the truth behind how this crisis occurred, what individuals and institutions-from lenders and brokers to some of the biggest investment banks in the world-were doing during this critical time, and who is ultimately responsible for what happened.

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