How Wall Street Caused the Mortgage and Credit Crisis

The Book

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The Authors

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Paul Muolo Paul Muolo executive editor of National Mortgage News, the leading independent trade publication of the residential finance industry. He also has a popular blog titled What We're Hearing

Matt Padilla Matt Padilla is a business reporter for the Orange County Register, a newspaper reaching close to 300,000 households in Southern California. Matt also has a popular blog titled Mortgage Insider.

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... Something had gone awry. A million or so people had lost their homes to foreclosure. Two or three million would follow in their path by the end of the decade. It wasn't just housing and mortgages that were ailing. It seemed as though the nation was getting hit from all different directions: rising energy and commodities prices, falling home values, banks pulling credit lines of all sorts including commercial and student loans. The mortgage virus had spread, infecting the entire body. It was as though the U.S. economy, which had burned so brightly during the Bush years, was a mirage. Angelo had been wrong. The capital markets -- Wall Street -- had failed us. This is the story of how it happened.
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News Updates

Chain of Blame chronicles the subprime meltdown from its inception until the book went to press in early June of 2008. Alas, the crisis continues. These are some key events that happened recently:

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