The Wall Street Bailout Didn’t End In 2008
The 2008 financial crisis was the most disruptive political event yet experienced in the 21st Century, but even for professional bank dorks, the material can get pretty dry. So it’s refreshing when authors can offer up strong character-driven narratives to make key elements of the crash accessible. With his first book, Chain of Title, journalist David Dayen joins Michael Lewis (The Big Short) and Andrew Ross Sorkin (Too Big To Fail) as a master of this technique. Dayen follows three homeowners — cancer nurse Lisa Epstein, car salesman Michael Redman and insurance fraud expert Lynn Szymoniak — as they struggle to fend off foreclosure. In the process, all three discover that their banks may be in bigger trouble than they are.
But where other writers have described the meltdown as a colossal mistake, a failure of ideology or a collective delusion, Dayen emphasizes another aspect of the crash: it was illegal. In doing so, he has produced what may be the most important book about the financial crisis to date.
By studying the documents in their own mortgage cases, Epstein, Szymoniak and Redman noticed some glaring irregularities. Signatures on key documents appeared forged. Official dates on those signatures were off by months or even years. Entire documents are clearly fabricated.
Rest from the Huffington Post here…