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 St... read full description
reviews
Apr 03, 2011
Brian
rated it: 
This book was written before and during the financial crisis, and explores the culture of each distinct industry. The authors did a good job exploring the culture of mortgage originators, the commercial banks, investment banks, and wealthy investors who bought securities they knew nothing about, rated highly by ratings agencies who had no idea what was in them.
The ‘chain of blame’ concept is great for showing how each industry on its own was making sensible, if not responsible, decisi More...
The ‘chain of blame’ concept is great for showing how each industry on its own was making sensible, if not responsible, decisi More...
Jul 07, 2009
Steven
rated it:
Do your eyes glaze over when commentators try to describe the financial products that were at the heart of the recent real estate boom? The mortgage boom? This book described the instruments clearly--and gives the reader a great sense of what was fundamentally wrong with the whole process. The title is "Chain of Blame," but there is plenty of blame to go around.
The book is well written and lucid. Nonspecialists can understand it well. I heard talking heads on TV and radio More...
The book is well written and lucid. Nonspecialists can understand it well. I heard talking heads on TV and radio More...
Jun 11, 2009
Jonathan
rated it: 
One of those books that make me wish there were 1/2 stars, Chain of Blame tells an important story, yet does it in a very dry and by-the-numbers fashion. Muolo and his co-author, Padilla, are financial reporters close the the mortgage industry and obviously know their stuff, yet the book lacks compelling human drama. The closest it comes is in the description of how many of the long timers in the mortgage industry, like Angelo Mozilo, head of Countrywide, got started.
But the book ten More...
But the book ten More...
Jan 29, 2012
Vastine
rated it:
The title is a little misleading in the fact that most of the book is spent examining the non-bank financial institutions (i.e. Countrywide and Ameriquest) that generated the loans that Wall Street investment banks would make into bonds not Wall Street itself. But this is a rich area to study and is not as covered in literature as much as their more glamorous Wall Street partners. This book filled a hole in my understanding or the crisis and it did connect a lot of dots. The book does leave o
More...
Jun 06, 2011
Nick
rated it:
not nearly my favorite of the latest "business non-fiction adventure" series as I like to call them. but definitely additional insight into all the players on Wall Street and across the US (never realized what a role Southern Cali loan brokers played in the whole scheme of things). Towards the end, i was swearing out loud reading the TARP facts and thinking how crazy that the US nationalized huge banks.
The S&L crisis in 1990 cost taxpayers 150 billion.
The financ More...
The S&L crisis in 1990 cost taxpayers 150 billion.
The financ More...
Oct 04, 2008
Andrew
rated it: 
A detailed account of the sub-prime lending crisis, tieing it to the S&L deregulation starting in the 1980s and the Wall Street speculation in junk bond investments. Written in late 2007 and published in early 2008, it is an account of the lax lending conditions and rampant speculation that set up the failure of Fannie Mae, Freddie Mac and both investment banks and thrifts later in 2008.
The root causes were the same as for the junk bond crisis in the 1980s: separation of real assets More...
The root causes were the same as for the junk bond crisis in the 1980s: separation of real assets More...
Jan 13, 2009
Mary
rated it:
A must read to understand how the current financial problems happened. I had no idea the problems started so long ago.
Apr 25, 2009
Victoria
rated it:
Comprehensive look at what went terribly wrong in the mortgage industry. Lots of sniggely little errors, but overall, very well researched.
Sep 20, 2009
Ines
rated it:
The authors did a fantastic job with this book: it is very informative and excellently researched--absolutely packed with insights and information!
Would I read this book again? No. I'd listen to the audiobook instead; maybe it would be easier to follow.
Would I read this book again? No. I'd listen to the audiobook instead; maybe it would be easier to follow.
Jul 31, 2008
Darryl
rated it:
My friend Paul Muolo wrote this book, which offers some explanations for the current housing crisis in America, in layman's language. Highly recommended.
May 23, 2010
Sermsee
rated it:
Oh all the names we know....Interesting. How it all went down. Good read.
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