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20 Aug 2021 09:14:36 UTC
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54540
Author: Paul Muolo
File Type: pdf
An updated and revised look at the truth behind Americas housing and mortgage bubblesIn 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.ullDiscusses the latest revelations in the housing and mortgage crisis, including the SECs charging of Angelo Mozilo llTwo 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 aheadllDiscusses how the worlds largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime messlulIntriguing 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.ReviewChain of Blame is one of the first books to delve deeply into the central role that big banks played in the messfor a juicy, name-dropping read, Muolo and Padillas book is hard to beat.--BusinessWeekMuolo and Padilla examine just who was to blame for the crisis and find that it is not just cowboy operators. (CEO Middle East, September 2008)a level-headed bookthe anecdotal style is easy-going...much the best book on the mortgage industry. Fund Strategy 1 September 2008a ripping piece of reporting The authors know their stuff.Bloomberg News Monday 28 July 2008 From the Inside FlapAmericans 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 Streets 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 Asiawhich 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, Americas largest home mortgage lender. From Mozilos July 2007 conference call with a group of top Wall Street equities analystswhich marks the true beginning of this fiascoto 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 participantsthe worlds largest investment banks, homeowners, lenders, credit rating agencies and underwriters, and investorsthat 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 loansand how Wall Street was all too willing to satisfy the desires of those who should have known better.
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1 year ago
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English