Chain of Blame

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.

In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. This book chronicles this incredible disaster, focusing on the players who participated in such a fundamentally flawed fiasco.

Autorentext
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.

Klappentext
Praise for Chain of Blame The truth behind America's housing and mortgage crisis "Two of the smartest, most entertaining investigative reporters alive, describe one of the most important financial stories of our time. If you had any skin at all in the housing boom, you've got to read the story of exactly how that boom went bust. As Paul Muolo did with the S&L crisis of the '80s, he and Mathew Padilla have now become the chief chroniclers of the subprime crisis." -David Asman, Host of America's Nightly Scoreboard on Fox Business Network and Forbes on Fox on Fox News Channel, and former op-ed editor of the Wall Street Journal "Paul Muolo and Mathew Padilla display their deep knowledge of the mortgage industry and all its players. Chain of Blame is a comprehensive examination of a crisis that affects us all." -Scott Cohn, Senior Correspondent, CNBC 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 crisisincluded not justunregulated loan brokers andcon 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. 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.

Zusammenfassung
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.

Inhalt
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

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