Description

Book 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 finan

    Table of Contents

    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 Brokersand 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

Chain of Blame

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    A Paperback / softback by Paul Muolo, Mathew Padilla

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      Book details

      Publisher John Wiley & Sons Inc
      Published 19 February 2010
      ISBN-13 9780470554654
      978-0470554654
      ISBN-10 0470554657
      Also in:
      Finance and accounting

      Description

      Book 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 finan

        Table of Contents

        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 Brokersand 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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