The subprime mortgage crisis has led to more than a million home foreclosures and has sent ripples through the world economy. But who is to blame for this situation? According to financial writer Paul Muolo, fingers should be pointing at Wall Street.
Muolo is executive editor of National Mortgage News. He and reporter Mathew Padilla wrote Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis. The book focuses on Angelo Mozilo, founder and CEO of Countrywide Financial, using his story to trace the complicated events that led to the crisis.
Muolo also co-wrote Inside Job: The Looting of America's Savings and Loans and Profiting from the Bank and Savings & Loan Crisis.
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