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

3.6 avg rating
( 103 ratings by Goodreads )
 
9780470292778: Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis

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" may belong to another edition of this title.

From the Inside Flap:

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.

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 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.

"About this title" may belong to another edition of this title.

Top Search Results from the AbeBooks Marketplace

1.

Muolo, Paul; Padilla, Mathew
Published by Wiley
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover First Edition Quantity Available: 1
Seller:
Colewood Books
(San Francisco, CA, U.S.A.)
Rating
[?]

Book Description Wiley. Hardcover. Book Condition: New. 0470292776 1st edition, 1st printing, Wiley and Sons hardcover w/ DJ, 2008. New. Unread. DJ in protective mylar. Price reduced because it's been on the shelf too long and needs to move. Free delivery confirmation. Bookseller Inventory # SKU1016813

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 7.95
Convert Currency

Add to Basket

Shipping: US$ 3.95
Within U.S.A.
Destination, Rates & Speeds

2.

Paul Muolo, Mathew Padilla
Published by Wiley (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover Quantity Available: 1
Seller:
Ergodebooks
(RICHMOND, TX, U.S.A.)
Rating
[?]

Book Description Wiley, 2008. Hardcover. Book Condition: New. 1. Bookseller Inventory # DADAX0470292776

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 9.74
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

3.

Paul Muolo; Mathew Padilla
Published by Wiley (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover Quantity Available: 1
Seller:
Poverty Hill Books
(Mt. Prospect, IL, U.S.A.)
Rating
[?]

Book Description Wiley, 2008. Hardcover. Book Condition: New. HARDCOVER, BRAND NEW COPY, Perfect Shape, No Black Remainder Mark,Fast Shipping With Online Tracking, International Orders shipped Global Priority Air Mail, All orders handled with care and shipped promptly in secure packaging, we ship Mon-Sat and send shipment confirmation emails. Our customer service is friendly, we answer emails fast, accept returns and work hard to deliver 100% Customer Satisfaction!. Bookseller Inventory # 9014437

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 9.95
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

4.

Muolo, Paul & Mathew Padilla
Published by Wiley (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover First Edition Quantity Available: 1
Seller:
Frank Sincavage
(PHILA, PA, U.S.A.)
Rating
[?]

Book Description Wiley, 2008. Hardcover. Book Condition: New. Dust Jacket Condition: New. First Edition; First Printing. Brand new mylar covered no pocket; Ex-Library; 8vo 8" - 9" tall; 352 pages. Bookseller Inventory # 43535

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 12.00
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

5.

Muolo, Paul; Padilla, Mathew
Published by John Wiley & Sons, Inc. (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover Quantity Available: 1
Seller:
Pleasant Nights Bookshop
(Baltimore, MD, U.S.A.)
Rating
[?]

Book Description John Wiley & Sons, Inc., 2008. Hard Cover. Book Condition: New. Dust Jacket Condition: New. Bookseller Inventory # 005775

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 13.50
Convert Currency

Add to Basket

Shipping: US$ 4.00
Within U.S.A.
Destination, Rates & Speeds

6.

Paul Muolo, Mathew Padilla
Published by John Wiley and Sons Ltd, United Kingdom (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover First Edition Quantity Available: 1
Seller:
The Book Depository
(London, United Kingdom)
Rating
[?]

Book Description John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Book 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. Bookseller Inventory # AAH9780470292778

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 19.45
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

7.

Paul Muolo, Mathew Padilla
Published by John Wiley and Sons Ltd, United Kingdom (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover First Edition Quantity Available: 1
Seller:
The Book Depository US
(London, United Kingdom)
Rating
[?]

Book Description John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Book 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. Bookseller Inventory # AAH9780470292778

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 19.55
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

8.

Paul Muolo; Mathew  Padilla
Published by John Wiley and Sons
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Quantity Available: > 20
Seller:
INDOO
(Avenel, NJ, U.S.A.)
Rating
[?]

Book Description John Wiley and Sons. Book Condition: New. Brand New. Bookseller Inventory # 0470292776

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 16.37
Convert Currency

Add to Basket

Shipping: US$ 3.50
Within U.S.A.
Destination, Rates & Speeds

9.

Paul Muolo; Mathew Padilla
Published by Wiley (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover First Edition Quantity Available: 1
Seller:
Irish Booksellers
(Rumford, ME, U.S.A.)
Rating
[?]

Book Description Wiley, 2008. Hardcover. Book Condition: New. book. Bookseller Inventory # M0470292776

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 22.54
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

10.

Paul Muolo, Mathew Padilla
Published by John Wiley and Sons Ltd, United Kingdom (2008)
ISBN 10: 0470292776 ISBN 13: 9780470292778
New Hardcover First Edition Quantity Available: 10
Seller:
Book Depository hard to find
(London, United Kingdom)
Rating
[?]

Book Description John Wiley and Sons Ltd, United Kingdom, 2008. Hardback. Book Condition: New. 1. Auflage. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. 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. Bookseller Inventory # BZV9780470292778

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 25.94
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

There are more copies of this book

View all search results for this book