Chain of Blame [Hardback]
How Wall Street Caused the Mortgage and Credit Crisisby Paul Muolo and Mathew Padilla
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Description of Chain of BlameIn 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.
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.
Press and Industry Reviews"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
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About Paul Muolo and Mathew PadillaPaul 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.
Contents of Chain of BlameCast of Characters
1. Angelo Speaks, the World Wide Contagion Begins
2. The Repo Man Meets the Bald Granny.A Short History of Subprime
3. The Death of the Bailey Building & Loan, and the Rise of Millionaire Loan Brokers and Countrywide
4. The Beach Boys of B&C (How Roland Arnall Became the Johnny Appleseed of Subprime)
5. Angelo Rising.The Son of a Bronx Butcher Makes Good
6. The Holy Roller of REITs
7. The End of the (New) Century
8. A Conspiracy by Merrill? (The Pump)
9. A Warning from 'Lewie'(CDOs, SIVs, and Other Things No One Understands)
10. Deep in the Belly of the Bear (The Dump)
11. Armageddon Times.The Tan Man Departs, Bye Bye Bear
12. What The Hell Happened? Ten Bad Years for Housing in America?
About the Authors