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Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis |  | Authors: Paul Muolo, Mathew Padilla
Publisher: Wiley
Category: Book
List Price: $14.95
Buy New: $8.40
as of 7/30/2010 06:34 CDT details
You Save: $6.55 (44%)
New (29) Used (9) from $8.40
Seller: Annies Market
Rating:  38 reviews
Sales Rank: 104490
Media: Paperback
Edition: Exp Upd
Pages: 379
Number Of Items: 1
Shipping Weight (lbs): 1
Dimensions (in): 8.9 x 5.9 x 1.1
ISBN: 0470554657
Dewey Decimal Number: 332.720973
EAN: 9780470554654
ASIN: 0470554657
Publication Date: February 2, 2010
Availability: Usually ships in 1-2 business days
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Product Description
An updated and revised look at the truth behind America's housing and mortgage bubbles 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. 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. - Discusses the latest revelations in the housing and mortgage crisis, including the SEC's charging of Angelo Mozilo
- Two 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 ahead
- Discusses how the world's largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime mess
Intriguing 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.
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| Customer Reviews:
Showing reviews 1-5 of 38
 Mostly Narratives September 25, 2009
Chen Chi Yen (Taipei, Taiwan Taiwan)
1 out of 4 found this review helpful
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 someday), which make it moch closer to film scripts, and far far away from objective, systematic analysis of the Financial Crisis.
It is more of "telling you a story as if you were in the scene", but you can never ensure whether what you got is comprehensive emough or not so you should go to another source of information - if your true motive is to understand what (lots of things) really happened in multiple aspects in the marcoeconomics.
 This is the best explanation of the current crisis August 14, 2009
Mariusz Skonieczny (ClassicValueInvestors . com)
1 out of 1 found this review helpful
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. The author says that the capital markets - Wall Street - failed us. He explains the series of events in understandable language.
There is not one individual or organization to blame for the crisis. It is more the combination of individuals and organizations working together. They all focused on only one thing: making money. Wall Street innovated mortgage-backed securities, which allowed more and more money to be allocated toward the housing market. Mortgage companies, wanting to make more money, worked really hard to find borrowers. When good quality borrowers were scarce, they went after less credit-worthy ones. Once these customers defaulted in large numbers, home prices started to fall and the recession began. This book is very educational.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
 Fragile chain of glass May 14, 2009
Loay Al-Haj (USA)
A colleague referred me to the Chain of blame after explaining how the root behind the global financial crises was the Wall Street Firms.
Intrigued by his explanation, I wanted to hear it from the horse's mouth. The book clearly presents the financial setup with adequate details on dates, names and conversations to make it compelling. It is well written although repetitive.
I advise the readers to fully understand the introduced terms of CDO, MBS, REIT and try to figure out if the Sub-prime borrowers where the victims or reason of the global fiasco. I couldn't help but wonder what would I do if I was Angelo Mozilo? Was it legitimate business with the intention of securing sub prime borrows with houses or exploiting their needs to charge higher interest rates that created this business opportunity?
I personally believe that the orchestrates had to know that this chain was not properly welded and sooner or later the sub-prime borrowers would more likely turn "delinquent" after all they now have an even higher interest rate to pay
After reading the book i understand why the world leaders asked President Obama to regulate the US financial market prior asking for global economy stimulus ...
An excellent study of recent history March 16, 2009
Joe T. Buchanan (Greensboro, NC United States)
An outstanding work despite its wonkish subject matter. Although I am not a financial person (I don't have an MBA in Finance) I found the book rather easy to follow and comprehend. The index of players at the front of the book was helpful, the terminology at the end also. Within the text, the authors back track often and re-explain facts and concepts which was also helpful. In addition, almost every new concept that was introduced was given a layman's definition, making it more understandable. Because I read the book to increase my knowledge on the subject, I do not feel that I am capable of providing a critique of the subject matter itself. Suffice it to say, I was convinced of the book's premise.
Boring and Incomplete - March 6, 2009
Loyd E. Eskildson (Phoenix, AZ.)
3 out of 6 found this review helpful
"Chain of Blame" purports to line up those contributing to the current mortgage mess, but fails. The book delves too deeply in irrelevant details about Countrywide Mortgage, omits Greenspan, deregulators, regulators, AIG and CDS issuers, rating agencies, and those taking out the mortgages, and skims over Fredie Mac, Fannie Mae, appraisers and Realtors.
About the only sentence of value came near the end, when we get a sense of the size of the problem - in 2006, sub-prime loans represented 21% of the mortgage market, with state-income loans and payment-option arms representing another 21%.
Showing reviews 1-5 of 38
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