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

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Overview

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 flawed fiasco. ...

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Overview

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 flawed fiasco. The authors reveal the truth behind how this crisis occurred, what individuals and institutions were doing during this critical time, and who is ultimately responsible.

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Product Details

  • ISBN-13: 9780470554654
  • Publisher: Wiley
  • Publication date: 2/2/2010
  • Edition number: 1
  • Pages: 379
  • Sales rank: 1,322,432
  • Product dimensions: 5.90 (w) x 8.90 (h) x 1.10 (d)

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 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 Busing: 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 TBTF: A 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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