Chain of Blame: How Wall Street Caused The Mortgage and Credit Crisis
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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. 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.
AcknowledgmentsIntroductionCast of CharactersChapter 1 Angelo Speaks, the Worldwide Contagion Begins 1Chapter 2 The Repo Man Meets the Bald Granny: A Short History of Subprime 23Chapter 3 The Death of the Bailey Building and Loan, the Rise of Millionaire Loan Brokers and Countrywide 47Chapter 4 The Beach Boys of B&C: How Roland Arnall Became the Johnny Appleseed of Subprime 73Chapter 5 Angelo Rising: The Son of a Bronx Butcher Makes Good 103Chapter 6 The Holy Roller of REITs 127Chapter 7 The End of the (New) Century 149Chapter 8 A Conspiracy by Merrill? 179Chapter 9 A Warning from Lewie: CDOs, SIVs, and Other Things No One Understands 205Chapter 10 Deep in the Belly of the Bear 227Chapter 11 Armageddon Times: The Tan Man Departs, Bye-Bye Bear 249Chapter 12 What the Hell Happened? Ten Bad Years for Housing in America 277Afterword: We Buried (Some of) Our Garbage Overseas 305Source and Interview Notes 309Glossary 319About the Authors 327Index 329
