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

Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
by Paul Muolo, Mathew Padilla

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Book Summary Information

Author: Mathew Padilla, Paul Muolo
Edition: Hardcover
Published: 2008-07-08
ISBN: 0470292776
Number of pages: 338
Publisher: Wiley

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

Book Review: Sorting it all Out
Summary: 5 Stars

A new book documents the house of financial cards that continues to come tumbling down all around us in the mortgage and real estate industries.
Chain of Blame, co-authored by Paul Muolo and Orange County Register reporter Matthew Padilla, offers a comprehensive view of the mortgage debacle but concentrates on the subprime lenders and their Wall Street allies (and in some cases, owners) who pooled and packaged subprime loans into securities without due care for credit quality, greedily booking billions in fees while hoping that real estate prices would accelerate upwards forever to make up for their lack of underwriting.
The book's analysis of the mortgage mess shows how the contagion didn't just halt at our own borders, like the savings and loan scandal of a generation ago did, but flared up worldwide through the overseas sale of poorly-understood and poorly-underwritten collateralized debt obligations containing the worst tranches of a bad book of business.
Chain of Blame also lucidly points out how the creative financing of many lenders, which led to an over-reliance on interest-only and payment-option mortgages, fed the superheated real estate market by putting thousands of new borrowers into the market, creating a demand that sent RE prices zooming to unsustainable increases of up to 33% a year in some markets.

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

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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