And Then the Roof Caved In. How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees

  • ID: 2325720
  • Book
  • 208 Pages
  • John Wiley and Sons Ltd
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And Then the Roof Caved In skillfully explores the causes and consequences of the recent financial collapse. Written by David Faber the award–winning CNBC correspondent this compelling account is filled with the candid reflections of the people who brought the crisis to life. Expanded from the CNBC documentary that theNew York Times called "broad, comprehensive, and compelling," and that Frank Rich noted as "superbly done," this book is a must–read.

"Historians investigating the financial collapse of ′08/′09 must begin by reading this book. This is close–range reporting . . . the work of a veteran financial journalist who was ′present at the creation′ of this crisis. Faber has it all, up close the people, failures, and greed. He tells us what it was like to be on the inside when the roof caved in."
Brian Williams, Anchor and Managing Editor, NBC Nightly News

"Faber has written a masterful insider′s guide to the implosion of the American financial system. He takes you as close as Greenspan′s early worries and then shows you how the disastrous hair–triggers built into the system fired off and how a few bright minds turned disaster into great fortunes. Faber brings readers right inside his notebook long regarded as the best in financial news and emerges with a story that is breathtaking."
Joshua Ramo, author, The Age of the Unthinkable and Managing Director, Kissinger Associates

"There is no one better than David Faber when it comes to following the financial services business. His incredible access and valuable insights make his reporting a ′must–see′ for millions of viewers around the world. Now, he′s written a book that is a ′must–read′ for anyone who wants to understand how a housing bubble turned into a worldwide economic crisis."
Joe Kernen, Anchor, CNBC′s Squawk Box  

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Prologue "On the Verge".

Chapter 1 Bubble to Bubble.

Greenspan′s Shock and Awe.

Houses Built on Cow Dung.

Chapter 2 Home Sweet Home.

Opening Doors.

An Industry Is Born.

Subprime Returns.

Chapter 3 The Subprime Machine.

From Delivering Pizza to Delivering Mortgages.

Living the Dream.

Diving into Deep Trouble.

Chapter 4 Eyes Wide Shut.

A Warning Unheeded.

A Dream No More.

Chapter 5 The Great Enabler.

Fannie Mae and Freddie Mac Hit the Scene.

Fannie and Freddie Get a Timeout.

Wall Street Takes Over.

A Tsunami of Mortgages.

From Ownit to Out of It.

Back from the Grave.

Chapter 6 Complicity.

Moody′s the Money Maker.

Repeat Customers.

Chapter 7 The Securitization from Hell.

The Making of a CDO.

Tough to Kill.

Turning Crap into Triple–A .

From CDS to CDO.

Insanity Sets In.

Chapter 8 Narvik and Me.

CDOs: An American Export.

The Truth Revealed But Does It Matter?

Chapter 9 Mortgaging Merrill s Future.

Climbing Out of Poverty.

A Strong Start.

The Secret Weapon.

Raking It In.

Taking Big Risks.

Chapter 10 A House of Cards.

Digging for Gold.

Building a Case.

The Investment of a Lifetime.

Chapter 11 And Then the Roof Caved In.

The Wheels Coming Off.

The Call.

A Crisis Begins.

The CDO Blues.

Lights Out.


A Note on Sources.

Resources from CNBC.


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"David Faber is known as one of the cooler heads on financial news channel CNBC True to his reputation, calm prevails through most of the book... Faber explains rather than rants about these mortgages, as well as securitizations and bogus credit ratings, making the case that greed and stupidity caused the financial crisis "

Lisa Von Ahn, Reuters

a" fantastic book on the housing meltdown . . .
The Motley Fool

CNBC s David Faber delivers a clear–eyed look at the origins of the crisis. . . As an anchor of the Faber Report, the author was on the front lines of the financial crisis and spoke with many of its key players.
Fortune magazine

"A slim yet substantial book based on Faber′s riveting (and horrifying) CNBC special "House of Cards" that takes readers from the mosquito–ridden swimming pools of option–ARM ghost towns to a Norwegian town bankrupted by ill–advised investments in "synthetic" bonds on the mortgages left behind."NY Mag, Daily Intel

" we wound up liking Faber s book. He writes simply and well. He also uses real people to demonstrate the insanity of the housing boom. While this may not be the deepest book about the crash, it could be the most accessible."MoneySense magazine

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