Paul Muolo, Mathew Padilla

Chain of Blame (eBook, PDF)

How Wall Street Caused the Mortgage and Credit Crisis

• Format: PDF

Produktbeschreibung

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.

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Produktdetails

• Verlag: John Wiley & Sons
• Erscheinungstermin: 11. Juli 2008
• Englisch
• ISBN-13: 9780470409886
• Artikelnr.: 37292256

Autorenporträt

PAUL MUOLO is Executive Editor of National Mortgage News¿which won a Polk Award in 1990 for its reporting on the S&L crisis. His freelance work has appeared in the New York Times, the Washington Post, and Barron's. Muolo has been a guest on numerous media outlets, including CNN, CNBC, ABC, and Fox Business Network.

MATHEW PADILLA is a business journalist whose work on the implosion of the Southern California subprime industry was recognized by the Society of American Business Editors and Writers.

Inhaltsangabe

Introduction: Financial Ashes vii
Cast of Characters xiii
Chapter 1 Angelo Speaks, the Worldwide Contagion Begins 1
Chapter 2 The Repo Man Meets the Bald Granny: A Short History of Subprime
23
Chapter 3 The Death of the Bailey Building and Loan, the Rise of
Millionaire Loan Brokers and Countrywide 47
Chapter 4 The Beach Boys of B&C: How Roland Arnall Became the Johnny
Appleseed of Subprime 73
Chapter 5 Angelo Rising: The Son of a Bronx Butcher Makes Good 103
Chapter 6 The Holy Roller of REITs 127
Chapter 7 The End of the (New) Century 149
Chapter 8 A Conspiracy by Merrill? 179
Chapter 9 A Warning from Lewie: CDOs, SIVs, and Other Things No One
Understands 205
Chapter 10 Deep in the Belly of the Bear 227
Chapter 11 Armageddon Times: The Tan Man Departs, Bye-Bye Bear 249
Chapter 12 What the Hell Happened? Ten Bad Years for Housing in America 277
Chapter 13 TARP, the Great Recession, and the Return of Stan Kurland 309
Afterword TBTF: A Mortgage Cartel Rises from the Ashes 335
Source and Interview Notes 341
Glossary 351
Acknowledgments 359
About the Authors 361
Index 363

Rezensionen

"Chain of Blame is one of the first books to delve deeply into the central role that big banks played in the mess...for a juicy, name-dropping read, Muolo and Padilla's book is hard to beat." --BusinessWeek