{"product_id":"and-then-the-roof-caved-in-isbn-9780470474235","title":"And Then the Roof Caved In","description":"\u003cb\u003eCNBC's David Faber takes an in-depth look at the causes and consequences of the recent financial collapse\u003c\/b\u003e  \u003cp\u003e\u003ci\u003eAnd Then the Roof Caved In\u003c\/i\u003e lays bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day. Written by CNBC's David Faber, this book painstakingly details the truth of what really happened with compelling characters who offer their first-hand accounts of what they did and why they did it.\u003c\/p\u003e \u003cp\u003ePage by page, Faber explains the events of the previous seven years that planted the seeds for the worst economic crisis since the Great Depression. He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9\/11 by sending interest rates to all time lows. Faber also gives you an up-close look at where the crisis was incubated and unleashed upon the world-Wall Street-and introduces you to insiders from investment banks and mortgage lenders to ratings agencies, that unwittingly conspired to insure lending standards were abandoned in the head long rush for profits.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eBased on two years of research, this book provides deep background into the current credit crisis\u003c\/li\u003e \u003cli\u003eOffers the insights of experienced professionals-from Alan Greenspan to prominent bankers and regulators-who were on the front lines\u003c\/li\u003e \u003cli\u003eCreated by David Faber, the face of morning business news on CNBC, and host of the network's award winning documentaries\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eFrom regulators who tried to stop this problem before it swung out of control to hedge fund managers who correctly foresaw the coming housing crash and profited from it, \u003ci\u003eAnd Then the Roof Caved In\u003c\/i\u003e shows you how the crisis we currently face came to be.\u003c\/p\u003e \u003cp\u003eAcknowledgments xi\u003c\/p\u003e \u003cp\u003ePrologue “On the Verge” 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Bubble to Bubble 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGreenspan’s Shock and Awe 13\u003c\/p\u003e \u003cp\u003eHouses Built on Cow Dung 19\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Home Sweet Home 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOpening Doors 24\u003c\/p\u003e \u003cp\u003eAn Industry Is Born 27\u003c\/p\u003e \u003cp\u003eSubprime Returns 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Subprime Machine 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFrom Delivering Pizza to Delivering Mortgages 41\u003c\/p\u003e \u003cp\u003eLiving the Dream 44\u003c\/p\u003e \u003cp\u003eDiving into Deep Trouble 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Eyes Wide Shut 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Warning Unheeded 50\u003c\/p\u003e \u003cp\u003eA Dream No More 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Great Enabler 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFannie Mae and Freddie Mac\u003c\/p\u003e \u003cp\u003eHit the Scene 61\u003c\/p\u003e \u003cp\u003eFannie and Freddie Get a Timeout 63\u003c\/p\u003e \u003cp\u003eWall Street Takes Over 66\u003c\/p\u003e \u003cp\u003eA Tsunami of Mortgages 71\u003c\/p\u003e \u003cp\u003eFrom Ownit to Out of It 74\u003c\/p\u003e \u003cp\u003eBack from the Grave 77\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Complicity 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMoody’s the Money Maker 85\u003c\/p\u003e \u003cp\u003eRepeat Customers 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The Securitization from Hell 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Making of a CDO 96\u003c\/p\u003e \u003cp\u003eTough to Kill 98\u003c\/p\u003e \u003cp\u003eTurning “Crap into Triple-A” 101\u003c\/p\u003e \u003cp\u003eFrom CDS to CDO 103\u003c\/p\u003e \u003cp\u003eInsanity Sets In 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Narvik and Me 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCDOs: An American Export 113\u003c\/p\u003e \u003cp\u003eThe Truth Revealed—But Does It Matter? 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Mortgaging Merrill’s Future 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eClimbing Out of Poverty 122\u003c\/p\u003e \u003cp\u003eA Strong Start 124\u003c\/p\u003e \u003cp\u003eThe Secret Weapon 125\u003c\/p\u003e \u003cp\u003eRaking It In 127\u003c\/p\u003e \u003cp\u003eTaking Big Risks 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 A House of Cards 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDigging for Gold 136\u003c\/p\u003e \u003cp\u003eBuilding a Case 139\u003c\/p\u003e \u003cp\u003eThe Investment of a Lifetime 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 And Then the Roof Caved In 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Wheels Coming Off 157\u003c\/p\u003e \u003cp\u003eThe Call 159\u003c\/p\u003e \u003cp\u003eA Crisis Begins 161\u003c\/p\u003e \u003cp\u003eThe CDO Blues 165\u003c\/p\u003e \u003cp\u003eLights Out 167\u003c\/p\u003e \u003cp\u003eEpilogue 171\u003c\/p\u003e \u003cp\u003eA Note on Sources 181\u003c\/p\u003e \u003cp\u003eResources from CNBC 183\u003c\/p\u003e \u003cp\u003eIndex 187\u003c\/p\u003e  \"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…\"\u003cbr\u003e —Lisa Von Ahn, Reuters  \u003cp\u003ea\" fantastic book on the housing meltdown . . .\u003cbr\u003e —The Motley Fool\u003c\/p\u003e \u003cp\u003e“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.\u003cbr\u003e —Fortune magazine\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e —\u003ci\u003eNY Mag,\u003c\/i\u003e Daily Intel\u003c\/p\u003e \u003cp\u003e\"…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.\"\u003cbr\u003e —\u003ci\u003eMoneySense\u003c\/i\u003e magazine\u003c\/p\u003e \u003cp\u003e\u003cb\u003eDAVID FABER,\u003c\/b\u003e an Emmy, Peabody, and duPont Award winner, is the anchor and coproducer of CNBC’s acclaimed original documentaries and long-form programming as well as a contributor to CNBC’s \u003ci\u003eSquawk on the Street\u003c\/i\u003e. He has been reporting on Wall Street and corporate America for over twenty-two years, sixteen of them as the foremost reporter at CNBC. Faber has broken numerous stories including the massive fraud at WorldCom and News Corp.’s hostile bid for Dow Jones. He was a founding member of CNBC’s signature morning show, \u003ci\u003eSquawk Box\u003c\/i\u003e. Faber also blogs at FaberReport.cnbc.com.\u003c\/p\u003e  \u003cp\u003e\u003ci\u003eAnd Then the Roof Caved In\u003c\/i\u003e painstakingly details what really happened to cause the greatest economic collapse since the Great Depression. Written by David Faber—the award-winning correspondent who has covered Wall Street for more than two decades—this compelling story is filled with the firsthand accounts of the bankers and regulators who unleashed this crisis on the world. They tell Faber what they did and why they did it. \u003c\/p\u003e \u003cp\u003eFaber traces the lineage of the subprime industry and takes you back to the attacks of 9\/11, after which Federal Reserve chairman Alan Greenspan embarked on an unprecedented effort to help the economy recover by sending interest rates to all-time lows. Faber details the precipitous drop in lending standards, which allowed people with marginal incomes to take on mortgages they could not afford, and explains how those mortgages came back to wreck the financial system.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eAnd Then the Roof Caved In\u003c\/i\u003e also reveals where this crisis was incubated—Wall Street—and introduces you to insiders from investment banks and mortgage lenders who fostered the boom and, in doing so, planted the seeds for such an astonishing economic collapse. Throughout the book, Faber weaves a narrative that takes you from subprime lenders like Quick Loan Funding and big investment banks like Merrill Lynch to regulators who tried to stop the crisis before it spiraled out of control and hedge fund managers who correctly foresaw the coming housing crash and profited from it. \u003c\/p\u003e\u003cp\u003eEngaging and informative, \u003ci\u003eAnd Then the Roof Caved In\u003c\/i\u003e offers a definitive, up-close and personal analysis of the roots of this stunning worldwide economic failure.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988739014885,"sku":"NP9780470474235","price":26.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470474235.jpg?v=1761781399","url":"https:\/\/k12savings.com\/es\/products\/and-then-the-roof-caved-in-isbn-9780470474235","provider":"K12savings","version":"1.0","type":"link"}