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<p>Introduction: Financial Ashes vii</p> <p>Cast of Characters xiii</p> <p>Chapter 1 Angelo Speaks, the Worldwide Contagion Begins 1</p> <p>Chapter 2 The Repo Man Meets the Bald Granny: A Short History of Subprime 23</p> <p>Chapter 3 The Death of the Bailey Building and Loan, the Rise of Millionaire Loan Brokersand Countrywide 47</p> <p>Chapter 4 The Beach Boys of B&C: How Roland Arnall Became the Johnny Appleseed of Subprime 73</p> <p>Chapter 5 Angelo Rising: The Son of a Bronx Butcher Makes Good 103</p> <p>Chapter 6 The Holy Roller of REITs 127</p> <p>Chapter 7 The End of the (New) Century 149</p> <p>Chapter 8 A Conspiracy by Merrill? 179</p> <p>Chapter 9 A Warning from Lewie: CDOs, SIVs, and Other Things No One Understands 205</p> <p>Chapter 10 Deep in the Belly of the Bear 227</p> <p>Chapter 11 Armageddon Times: The Tan Man Departs, Bye-Bye Bear 249</p> <p>Chapter 12 What the Hell Happened? Ten Bad Years for Housing in America 277</p> <p>Chapter 13 TARP, the Great Recession, and the Return of Stan Kurland 309</p> <p>Afterword TBTF: A Mortgage Cartel Rises from the Ashes 335</p> <p>Source and Interview Notes 341</p> <p>Glossary 351</p> <p>Acknowledgments 359</p> <p>About the Authors 361</p> <p>Index 363</p>

"<i>Chain of Blame</i> is one of the first books to delve deeply into the central role that big banks played in the mess…for a juicy, name-dropping read, Muolo and Padilla’s book is hard to beat."--<i>BusinessWeek</i> <p><i>"Muolo and Padilla examine just who was to blame for the crisis and find that it is not just cowboy operators."</i> (CEO Middle East, September 2008)</p> <p>“…a level-headed book…the anecdotal style is easy-going...much the best book on the mortgage industry”.  <i>Fund Strategy</i> 1 September 2008</p> <p>“…a ripping piece of reporting… The authors know their stuff.”<i>Bloomberg News</i> Monday 28 July 2008</p>

<p><b>PAUL MUOLO</b> is Executive Editor of <i>National Mortgage News</i>—which won a Polk Award in 1990 for its reporting on the S&L crisis. His freelance work has appeared in the <i>New York Times,</i> the <i>Washington Post,</i> and <i>Barron's</i>. Muolo has been a guest on numerous media outlets, including CNN, CNBC, ABC, and Fox Business Network. <p><b>MATHEW PADILLA</b> is a business journalist whose work on the implosion of the Southern California subprime industry was recognized by the Society of American Business Editors and Writers.

<p><b>BUSINESS AND ECONOMICS/FINANCE</b> <p><i>PRAISE FOR</i> CHAIN OF BLAME <p>AN UPDATED AND EXPANDED LOOK AT THE TRUTH BEHIND AMERICA'S HOUSING AND MORTGAGE BUBBLES <p>"A ripping piece of reporting."</br> <b>—Bloomberg</b> <p>"A juicy, name-dropping read."</br> <b>—BusinessWeek</b> <p><b></b> "Two of the smartest, most entertaining investigative reporters alive describe one of the most important financial stories of our time. If you had any skin at all in the housing boom, you've got to read the story of exactly how that boom went bust."</br> <b>—David Asman, Host, America's Nightly Scoreboard</b> <p>"Paul Muolo and Mathew Padilla display their deep knowledge of the mortgage industry and all its players. <i>Chain of Blame</i> is a comprehensive examination of a crisis that affects us all."</br> <b>—Scott Cohn, Correspondent, CNBC</b> <p>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. <p><i>Chain of Blame</i> chronicles this incredible disaster, with a specific focus on the players who participated in such a flawed fiasco. The authors reveal the truth behind how this crisis occurred, what individuals and institutions were doing during this critical time, and who is ultimately responsible.

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