O'Reilly logo

From Financial Crisis to Recovery (Collection) by Mark Zandi

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

6. The Foreclosure Fiasco

The call with Bob Steele wasn’t going well. He was curt and growing increasingly annoyed as I laid out a plan to stem the accelerating housing crash. It was summer 2008, and it was clear that housing was the core of the economy’s problem, although it wasn’t yet clear that the problem was catastrophic.

Moody’s executives had arranged the call. They knew the Under Secretary for Domestic Finance in the Bush Treasury Department from his years working at Goldman Sachs. Two years earlier, Moody’s had purchased Economy.com, the firm I had cofounded in 1990, and I had gained some credibility within the credit rating agency by arguing that housing was a bubble and that Moody’s highly profitable mortgage securitization business ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required