Prologue: "on the verge"
Bubble to bubble. Greenspan's shock and awe. Houses built on cow dung
Home sweet home. Opening doors. An industry is born. Subprime returns
The subprime machine. From delivering pizza to delivering mortgages. Living the dream. Diving into deep trouble
Eyes wide shut. A warning unheeded. A dream no more
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
Complicity. Moody's the money maker. Repeat customers
The securitization from hell. The making of a CDO. Tough to kill. Turning "crap into triple-A". From CDS to CDO. Insanity sets in
Narvik and me. CDOs : an American export. The truth revealed
but does it matter?
Mortgaging Merrill's future. Climbing out of poverty. A strong start. The secret weapon. Raking it in. Taking big risks
A house of cards. Digging for gold. Building a case. The investment of a lifetime
And then the roof caved in. The wheels coming off. The call. A crisis begins. The CDO blues. Light's out
Epilogue.