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Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
By: Paul Muolo , Mathew PadillaeBook Publisher: John Wiley & Sons
Imprint: John Wiley & Sons, Inc.
Format: Adobe Encrypted (DRM)
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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 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.
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| Title of Business & Economics eBook: Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis | |
| Release Date: 09-29-2008 | |
| Publisher: John Wiley & Sons, Inc. |
This eBook download is available in the following formats:
| Parent title | Chain of Blame: How Wall Street... |
|---|---|
| Encrypted (DRM) | Yes |
| SKU | 9780470409886 |
| File size | 1346 |
| Security | n/a |
| Printing | Not allowed |
| Copying | Not allowed |
| Read aloud | No Sys requirements Download reader |
| Devices | Samsung Tablet, Apple Ipad & Iphone, Barnes & Noble Nook, Kobo eReader, Aluratek Libre, Iliad, Nokia, Blackberry, Hanlin |
| Note | Excellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing. |
Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
Chapter One
Angelo Speaks, the Worldwide Contagion BeginsThe mortgage business is the only business I know where you earn a ton of money in one year and give it all back during the next three. -A disciple of Lewis Ranieri
The earnings conference call between the chief executive officer and the Wall Street community is a delicate kabuki where bad news is often couched in somber tones and fuzzy adjectives to soften the blow. But don't tell that to Angelo Mozilo-the Bronx-born, perpetually tanned CEO and co-founder of Countrywide Financial Corporation, America's largest home mortgage lender.
On July 24, 2007, the 68-year-old Mozilo and eight of his senior lieutenants at the publicly traded Countrywide, a company that a few months earlier had been worth $25 billion on paper, marched down the carpet from the corporate suite to a 30-foot conference table in the boardroom, where the top equities analysts from Bear Stearns, Merrill Lynch, Morgan Stanley-Wall Street's elite-and others were waiting on the telephone to hear what he had to say about the housing and mortgage markets.
To many on the other end of the line Mozilo was more than just the co-founder of an almost 40-year-old company, one he had built from scratch after starting out his career as a 14-year-old runner delivering documents and bank checks around Manhattan, Brooklyn, and Queens, hopping buses and subways to keep the costs down for the midtown lender he worked for. In the summer of 2007, Mozilo was the market, and had been for years. He didn't jus
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