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

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9780470292778: Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
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An updated and revised look at the truth behind America'shousing and mortgage bubbles

In the summer of 2007, the subprime empire that Wall Street hadbuilt all came crashing down. On average, fifty lenders a monthwere going bust-and the people responsible for the crisis includednot just unregulated loan brokers and con artists, but alsoinvestment bankers and home loan institutions traditionallyperceived as completely trustworthy.

Chain of Blame chronicles this incredible disaster, witha specific focus on the players who participated in such afundamentally flawed fiasco. In it, authors Paul Muolo and MathewPadilla reveal the truth behind how this crisis occurred, includingwhat individuals and institutions were doing during this criticaltime, and who is ultimately responsible for what happened.

  • Discusses the latest revelations in the housing and mortgagecrisis, including the SEC's charging of Angelo Mozilo
  • Two well-regarded financial journalists familiar with theevents 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 allbecame entangled in the subprime mess

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

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From the Inside Flap:

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

In Chain of Blame, acclaimed financial reporters Paul Muolo andMathew Padilla go behind the headlines to tell the inside story ofwhy Wall Street's established investment banks bear much of theblame for the events that have cost millions of Americans theirhomes. They show in detail how, from 2000 to 2007, executives fromMerrill Lynch, Bear Stearns, Lehman Brothers, and others financednon-bank mortgage lenders that eagerly sold their mortgages toconsumers through loan brokers. Wall Street then sold bonds backedby subprime mortgages to overseas investors in Europe andAsia—which led to financial difficulties there as well.

The authors build their compelling story around the key playersin this tragedy, first and foremost being Angelo Mozilo, founderand CEO of Countrywide Financial, America's largest home mortgagelender. From Mozilo's July 2007 conference call with a group of topWall Street equities analysts—which marks the true beginningof this fiasco—to his congressional rebuke in 2008, Chain ofBlame chronicles the crisis in detail, showingreaders whathappened, who is responsible, and what lies ahead.

As the dust settles around these life-shattering events, theblame game has begun. But as Muolo and Padilla show with stunningclarity, there is really no single entity or individual to pointthe finger at. It was a mix of factors and participants—theworld's largest investment banks, homeowners, lenders, creditrating agencies and underwriters, and investors—thatprecipitated the current subprime mess.

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

From the Back Cover:

Praise for Chain of Blame

The truth behind America's housing and mortgage crisis

"Two of the smartest, most entertaining investigative reportersalive, describe one of the most important financial stories of ourtime. If you had any skin at all in the housing boom, you've got toread the story of exactly how that boom went bust. As Paul Muolodid with the S&L crisis of the '80s, he and Mathew Padilla havenow become the chief chroniclers of the subprime crisis."
—David Asman, Host of America's Nightly Scoreboard on FoxBusiness Network and Forbes on Fox on Fox News Channel, and formerop-ed editor of the Wall Street Journal

"Paul Muolo and Mathew Padilla display their deep knowledge ofthe mortgage industry and all its players. Chain of Blame is acomprehensive examination of a crisis that affects us all."
—Scott Cohn, Senior Correspondent, CNBC

In the summer of 2007, the subprime empire that Wall Street hadbuilt all came crashing down. On average, fifty lenders a monthwere going bust—and the people responsible for thecrisisincluded not justunregulated loan brokers andcon artists, butalso investment bankers and home loan institutions traditionallyperceived as completely trustworthy.

Chain of Blame chronicles this incredible disaster, with aspecific focus on the players who participated in such afundamentally flawed fiasco. Authors Paul Muolo and Mathew Padilla,well-regarded journalists for National Mortgage News and the OrangeCounty Register respectively, reveal the truth behind how thiscrisis occurred, what individuals and institutions—fromlenders and brokers to some of the biggest investment banks in theworld—were doing during this critical time, and who isultimately responsible for what happened.

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9780470554654: Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis

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Publisher: Wiley, 2010
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Book Description John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. 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. Seller Inventory # AAH9780470292778

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Book Description John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Condition: New. 1. Auflage. Language: English . Brand New Book. 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. Seller Inventory # AAH9780470292778

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