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Nabaza.net-The MarketPlace - Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
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List Price: $27.95
Our Price: $18.45
Your Save: $ 9.50 ( 34% )
Availability: N/A
Manufacturer: Wiley
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Average Customer Rating:  
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Binding: Hardcover
Dewey Decimal Number: 332.720973
EAN: 9780470292778
ISBN: 0470292776
Label: Wiley
Manufacturer: Wiley
Number Of Items: 1
Number Of Pages: 352
Publication Date: 2008-07-08
Publisher: Wiley
Studio: Wiley
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Editorial Reviews:
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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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Spotlight customer reviews:
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Customer Rating: 
Summary: Furious after reading
Comment: This book in great detail tells the tale of the subprime bottom feeders and their links to equally greedy and bottom feeders on Wall Street. It's easy to read, and you start to understand how these loans were made-- quickly and without much regard to whether people could actually repay them. I would have liked to see the "chain" completed, however. We don't hear much about the home buyers and what they did or what happened to them--were they all deadbeats, as some say, or hapless naifs? And, at the other end, what were regulators doing? Surely, they must have had some thoughts about what was going on. I know at the time that consumer groups were screaming their heads off, and a few state legislatures tried to pass better regulations--but they were pre-empted from implementing them by the Office of Thrift Supervision an the Office of the Comptroller of the Currency. Of course, if the authors had covered all that, their book would have been bigger than the phone book, and they would still be writing. All in all, though, I thought it was riveting.
Customer Rating:
Summary: AWOL
Comment: This is a good book for an overview of the mortgage banking operation. However, any such book that fails to mention Rangel, Franks, or Dodd is lacking the substance required for full comprehension.
Customer Rating:
Summary: Amazing eye-popping look at the mortgage crisis
Comment: I hadn't followed the sub prime mortgage crisis as closely as I would have liked, until a close friend recommended this 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. Extremely well-written, with detailed accounts, and easy to understand without being too didactic, this book came as close to a page turner as a non-fiction could be. Kudos to the authors!
Customer Rating:
Summary: Easy book that tries to answer "how the heck..."
Comment: Good book that reads quickly about a topic that can be very detailed and arcane. In this way, its very valuable because you can actually get through it, and understand historically how the crisis could have happened. I especially liked all the parts about the personalities, and how they were created and helped TO CREATE the mess. I think they may have let the ratings agencies and the regulators off a easy, but I agree with the central premise that the Wall Street folks had a major hand in the mess. And the amazing thing is that this was written BEFORE the Fannie / Freddie mess, or the impending implosion of Lehman. So, it was written early in the meltdown and was both historically accurate and prescient regarding what was coming. Maybe the next printing will take the agencies and the regulators more to task.
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Summary: B-School Professors Should Use It
Comment: Excellent book and worth reading. Beware that it might make you angry just like the energy scandals did a few years ago. Offers considerable insight and information that would be very useful to business schools for their students. Recommended reading for professors to include in their markets and business ethics courses. Kudos to the authors for a well researched and written book.
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