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"Muolo 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 book…the anecdotal style is easy-going...much the best book on the mortgage industry”. Fund Strategy 1 September 2008
“…a ripping piece of reporting… The authors know their stuff.”Bloomberg News Monday 28 July 2008
Americans 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 Street's 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, America's largest home mortgage lender. From Mozilo's 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 world's 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.
This is a very well researched, well written book.
A truly fascinating read, and made all the more prevalent with the collapse of two more Wall St. giant banks and the bail-out of Freddie and Fanny.
It will make you laugh, and make you cry because government has given away the bank to the crooks again.
great read. Put names and faces on the rush to ruin the nation's banking system. Some were driven by competition to be the biggest, others driven by competition to be greedy. Read morePublished 8 months ago by Larry Dieli
These authors were clearly ahead of their time.
Clear description of how the 2008 real estate fiasco happened.
Very sad tale, but necessary to understand.
The book was in very good shape, except for a few notes written throughout by the previous owner. Not too far along, but it seems as though it is the typical liberal slant on what... Read morePublished 12 months ago by Tim Morgon
My brother gave me this book for Christmas this year after it languished on my Amazon wish list for months. Read morePublished 21 months ago by MJacobsen
Co-author Paul Muolo wrote in the Introduction to this 2008 book, "A million or so people had lost their homes to foreclosure. Read morePublished 23 months ago by Steven H Propp
Having spent 17 years in the industry this covers a lot of the sub prime scene well. A lot missing but still a good overview.Published on January 27, 2011 by JL
I think this book is mostly narratives. It puts lots of scene descriptives that are irrelavant to the issue under discussion (such as how long a corridor is for someone walked on... Read morePublished on September 25, 2009 by Chen Chi Yen
As our country is facing the most severe economic situation since The Great Depression, this book is a perfect read for those who would like to learn how it all happened. Read morePublished on August 14, 2009 by Mariusz Skonieczny