The pagination of this digital edition does not match the print edition from which the index was created. To locate a specific entry, please use your e-book reader’s search tools.
Abe, Shinzo, 301
Abood, Maya, 204
Adams, James Truslow, 155, 327–38
Addario, Dominick, 91–92
adjustable-rate mortgages, 10, 16–17, 58, 200
African Americans, 23, 24, 183, 185, 186
increase in lending to, 324
Los Angeles community, 193–99, 205, 233
See also racial discrimination
Aguilar, Orson, 205–6, 223, 226–27, 230
Ailes, Roger, 109–10
Allen, Brian, 243
Alt-A mortgage, 16, 21, 53
American Civil Liberties Union, 136–37
American Dream, 150, 198, 254, 272, 327–28, 330
Colony Homes as mockery of, 314–15
See also home ownership
American Enterprise Institute, 22
American Homes 4 Rent, 144, 164
American Savings and Loan, 126, 127
Ameriquest, 52–53, 131
Anthony, Carol, 73
apartment complexes, 106, 111–12, 306–7
Trump Organization, 267, 276–89, 291
Appelbaum, Eileen, 80
Apprentice, The (TV program), 292
Arizona, 115, 129, 159–63, 201
Asian financial crisis (1997), 45, 138
Atlanta, 111, 129, 184, 310–16
Bair, Sheila, 19, 33, 34–35, 55–56, 59–60, 79
Bull by the Horns, 57, 212
capitalization rules, 81–82
balloon payments, 16, 21, 58, 131
Banc of California, 221–24, 225
Banking Act (1933), 251–52, 253
Bank of America, 65, 85, 210, 212, 221, 223
Merrill Lynch takeover, 229
bankruptcy, 212, 268–71, 292
Ross manipulation of, 79–81, 300
banks
bailouts, 19, 25, 26, 31, 63–64, 126, 132, 135–36, 212, 214, 223, 247–48, 252, 325
Brandeis critique of, 246–47
commercial separated from investment, 251, 252–53
community, 15, 77, 83
CRA obligations, 220–21
deposit insurance, 19, 32, 33, 157, 251
failures, 30–35, 54–60, 62, 78, 79–82, 203, 212, 223, 231, 251, 272, 309
financial “stress test,” 156
five largest, 85
lines of credit, 140
lobbying by, 156, 173
merger regulations, 221–22, 229
racial discrimination, 202, 203, 323–24
record earnings, 305
regulation of, 214, 246, 250, 325
repossession, 7, 9, 10
runs on, 29, 64
savings and loan, 56, 63 (see also savings and loan crisis)
“too big to fail,” 156, 213, 214, 252, 309
traditional workings of, 14–15, 33–34, 38
Volcker Rule, 156–57
See also mortgages; specific banks
Bank Secrecy Act (1970), 108
BankUnited, 79, 81, 138, 156, 157, 221, 223
Baradaran, Mehrsa, 326
Barbarians at the Gate (book and film), 61
Barclays Bank, 215
Barnhart, Les, 8–12, 95
Barrack, Thomas J., Jr., xxxi, 115–42, 153, 156, 162, 210, 225, 306, 316
background, 119–24
business interests, 117–25, 317
cash sources, 139–40
“contrarian investments,” 126–28
flipping practices, 235–37
housing empire, 163–64, 210, 320–21
investment philosophy, 126–31, 137–40, 143, 155, 169, 204, 292, 317
LLCs, 139–41, 201–2
marriages, 303
mortgage-backed securities, 236–37, 255, 257, 310, 321
personality, 117–18, 123
personal values, 121–22, 184, 291–92
press relations, 320
Trump friendship, 125, 130, 255–59, 263, 313, 320
See also Colony American Homes; Colony Capital; Colony Financial
Barrack, Thomas J., Sr., 119, 120–21
Barrett, Wayne, Trump: The Greatest Show on Earth, 270, 282, 286–87
Bass, Robert, 126
Beach Haven apartments, 276–82
Bear-Stearns Companies, 24, 229, 247
collapse of, 155
Berning, Catherine, 96
Better Business Bureau, 313–14
Blackstone Group, 47, 149, 151, 155–59, 167, 255, 266, 310
assets, 163
debt bundle, 308, 322
flipping, 157, 242
foreclosure buy-ups, 144–46, 165
founding, 153
Invitation Homes, 162–66, 308, 321
legal problems, 157
mortgage-backed securities, 237, 243, 322
wealth profits, 322–23
Blair, Gwenda, 282
The Trumps, 268, 269, 271, 275
Blankfein, Lloyd, 148
Blinder, Alan, 25–26, 27
Bloomberg, Michael, 148
Boiler Room (film), 53–54
Bonderman, David, 126
bond market, 18, 59, 183–84
bailout of, 26
international, 38
sale of tranches, 23, 39–40, 240, 255
Bovenzi, John, 30–31, 32, 34, 57–58
Bradley Martin Ball, 147–48
Brandeis, Louis, 246–47, 248, 250
Other People’s Money and How the Bankers Use It, 246–47
Braun, Robert, 222
Briar Wyck Apartments, 285
Brock, Margaret, 124–25
Broidy, Elliott, 108
Brown, Pat, 196
Browning School, 249–50
Bryan, Brice, 75, 94
bundling, 14–18, 25, 80–81, 126–27, 292, 308, 321–23, 326–27
appraisal of, 243
distressed houses and, 140, 317, 322
mortgage-backed securities, 54, 127, 236, 239–43
mortgages, 31, 38, 54, 173
Bush, George W., 132, 134, 146, 173, 174
Bush, Jeb, 255
Butler family, 186, 190–202, 205, 237–39, 255
loss of Los Angeles home, 199–201, 317–18, 320, 321–22
California Reinvestment Coalition, 203, 210–21, 226–31
Cal-Western Reconveyance Corporation, 97–98
Cal-Western Reserve Finance Corporation, 105
Capehart, Homer, 281
Carey, David, King of Capital, 145, 146, 163
car loans, 39, 173
Carnegie, Andrew, 154
Carson, Ben, 308
Carter, Jimmy, 220, 227
Cayman Islands, 139
Charlottesville Unite the Right rally, 301
CIT Bank, 212–18, 221, 225–24, 233, 265–66, 309, 328–29
Citigroup, 54, 252
Clinton, Bill, 25, 173, 252
Clinton, Hillary, 257, 264, 265, 295, 305
Clooney, George, 48, 49
CNBC, 35, 49, 252–53, 256
Coffey, Henry, 216
Cohan, William D., Money and Power, 41
Cohen, H. Rodgin, 214, 215, 216, 229
Cohen, Kyle, 177
Cohen, Michael, 108–9, 110
Cohn, Roy, 286
Colebrook, Teena, 265–66
ColFin AL-CA5 LLC, 100, 105, 106, 115–16, 201–2, 238
Colony American Homes, 100, 163–65, 169–71, 201–2, 235, 254, 266, 310–22
Barrack cash-ins of stock, 315–16, 320–21
eviction rate, 311, 312–13, 314, 319, 328
mortgage-backed securities, 236–43, 255, 257, 310, 321
rent increases, 178, 240, 314, 319
Colony Capital, 130, 139, 140–41, 210, 225, 258
JPMorgan Chase transactions, 255, 326
S&L debt buy-ups, 126–27
Colony Financial, 115–16, 237
Colony NorthStar, 320–21
Commerce Department, 300, 304, 309
commercial real estate, 38–39, 145, 156
community investment, 205, 215, 220–34
Community Reinvestment Act (1977), 220, 221, 227, 229, 308–9
Congress, 65, 127, 132, 309, 326
House Financial Services Committee, 173, 324
See also Senate
Constantine-Davis, Jeanne, 73
Consumer Advocates Against Reverse Mortgage Abuse, 329–30
Consumer Financial Protection Bureau, 156, 211, 308
Consumer Reinvestment Act (1977), 308–9
Corinthian Colleges, 209
credit, 138–40, 141, 320
default swaps, 60
revolving line, 326
Crisafulli, Patricia, The House of Dimon, 249
Crosby, Heather deForest, 46, 47, 48–49
Davis, Kelly, 169–70
Dayen, David, 88
Deaver, Michael, 124, 125
debt, 144–45, 326
buy-backs, 126–27
trading market, 38–39, 45–46
debt bundling. See bundling
Dell, Michael, 43, 77, 231, 233
DeMarco, Edward, 141
Democratic Party, 25, 26, 45, 324, 327
Department of Defense Appropriations Act (2006), 173
depression (1930s). See Great Depression
Deutsche Bank, 145
Dimon, Jamie, xxxi, 148, 247–55, 292, 301, 305
Dimon, Theodore “Ted” (fatherr), 249, 250
discrimination. See racial discrimination
Disneyland, 15, 18
distressed assets buy-ups, 36, 45–46, 80, 138–40, 155, 169, 204, 216, 267, 317
Dodd-Frank Act (2010), 156, 214, 309–10
Downey Savings and Loan Association, 223
Duncan, Carla, 84–85
Dune Capital Management, 46
Dune Entertainment, 49
Eckhardt, Lacey, 12
economic populism, 265, 299–300, 303, 306
Edwards, Makita, 312, 313
Eisenhower, Dwight, 280
ESL Investments, 43–45
estate tax, 305, 327
Evans, Ingrid, 94
evictions, 112–13, 310–11, 320
executive compensation, 157, 212, 305
Fabrikant, Geraldine, 43
Fair Housing Act (1968), 202, 283, 287
False Claims Act (1863), 175, 176, 254, 329
Fannie Mae, 23–24, 134–35, 137, 140–41, 215, 266, 308
FBI, 108, 121, 283, 284–85
Federal Deposit Insurance Corporation, 19, 127, 132, 212, 228, 305
creation of, 251
JPMorgan Chase suit against, 248
loan modification program, 55, 59, 78, 87
loss-share agreement, 78, 79, 81, 82, 156, 172, 203, 215–16, 223, 224
ownership and sale of failing banks, 30–35, 54–68, 78, 79–82, 172, 203, 210, 216
Federal Home Loan Mortgage
Corporation. See Freddie Mac
Federal Housing Administration, 9, 23, 135, 307, 329
creation of, 190
loan program, 254, 255, 272, 273, 274
racial discrimination, 191, 277
Trump Organization subsidies, 276–77, 280–81, 288, 290
Federal Housing Finance Agency, 135, 136, 137, 141, 143
Federal National Mortgage Association. See Fannie Mae
Federal Reserve, 25, 56, 157, 325
bank bailout, 247–48
Board of Governors, 213, 215, 216
creation of, 246, 325
merger hearings, 215–17, 226–34, 252, 265, 309
Federal Reserve Bank of Atlanta, 310
Federal Trade Commission, 246, 315
Feinberg, Stephen, 263
Feldstein, Martin, 25
Financial Crimes Enforcement Network, 107–8
Financial Freedom Senior Funding, 7–8, 9, 229–30, 238
implosion of, 174, 175
IndyMac purchase of, 12–14
Justice Department settlement terms, 329
sales tactics, 6, 7–9, 10, 99
suits against, 71–76, 89–102, 175–78, 206, 232–33, 328–30
Financial Industry Regulatory Authority, 240
Financial Institutions Reform, Recovery, and Enforcement Act (1989), 329
First Gibraltar Bank, 63–65, 78, 127
Fisher, Garth, 258
flipping, 61, 63, 65, 80–81, 145, 157, 160, 165, 217, 224, 242
Barrack-Schwarzman model, 235–37
big payoffs from, 210
Florida, 29, 82, 115, 129, 163, 177, 184, 211
BankUnited, 79, 150, 300
Flowers, James Christopher “J.C.,” xxxi, 51–55, 56, 61, 65, 86, 117
IndyMac group purchase, 77, 156, 217, 233
Ford, Gerald J., 63–66, 78
foreclosures, 7, 9, 10, 62, 116, 159, 189, 225, 309
all-cash transactions, 107
auctions of, 79, 97–102, 164–65, 202
Barrack buying spree, 117–18, 128–31, 137–42, 292, 317, 320
bulk sales, 135–37, 141–46
competition for, 163–65 (see also single-family rental homes)
deed in lieu of, 86
fraud, 18, 175–78, 280–81, 328, 329
government-insured loans, 254–55
HOLC and, 22–27, 34, 132–34, 325
illegal, 85–87, 329
LLCs and, 100, 105, 106, 201, 238
Mnuchin buy-ups, 78–79, 82–86, 172, 184, 203–5, 210, 211, 216, 220, 229–30, 231, 266, 300
as “moral hazard,” 26–27
negative effects of, 55, 66, 85, 86, 112–13, 129–35, 141–42, 159, 203–4, 220–21, 310–11, 317–18, 320
racial vulnerability, 184, 189, 203, 205
recession (2008) and, 55–56, 85, 129–32, 134, 141, 161–62
reverse mortgages, 88–102, 105–6, 172, 174–75, 238, 328–29
Ridgway buy-ups, 161–65
statistics (2010), 131–32
Trump Organization and, 267, 269–70, 272–73, 291
See also repossession
Fortress Investment Group, 118
Four Winds (Palm Beach), 146–47, 301
Fox News, 108–9, 293, 301
fracking, 209
fraud
IndyMac loans, 18–19
mortgage, 86–87, 265–66
reverse mortgage, 18, 90, 94, 96, 98, 175–78, 209, 229, 233, 280–81, 328, 329
Trump University, 292–96
Freddie Mac, 38, 134–35
Freedom of Information Act, 108, 214, 316
fund dividend recapitalizations, 210
Garner, James, 4–5, 6, 7–8, 99, 328
Gates, Rick, 316
Geffen, David, 43
Gekko, Gordon (fictional), 37
Georgia, 111–12, 115, 164–66, 312. See also Atlanta
GI Bill, 5, 109, 276, 280, 325
racial discrimination, 191
Gilded Age, 147–48, 154
Glass-Steagall Act (1933), 251–53
repeal of, 252
Goldman Sachs, 37–39, 41–42, 43, 49, 52, 148, 153, 211, 215, 236, 263, 264
Gonzalez, Paulina, 219–22, 225–26, 232
Goodman, Laurie, 314
Gordon, Amanda, 302
Gordon, Julia, 135
Government Accountability Office, 127, 134–35
Government Ethics Office, 124
Grassley, Charles, 149, 157, 158
Great Depression (1930s), 21, 22, 24, 26, 29, 51, 63, 143, 231, 236
foreclosure preventives, 325
stock market crash, 251, 325
See also New Deal
greater fool theory, 17
Great Migration, 193–94
Great Recession (2008), 12, 29, 31, 40, 47, 130–32, 214, 223, 236
Citigroup collapse, 252
community action, 219–34
debt bundles, 241
foreclosures, 55, 85, 134, 141, 161–62
fortunes made from, 51, 60, 79, 111, 203, 322–23
government bailouts, 212, 248
housing prices decline, 137
investment bank failures, 24–27
racial discrimination, 183–206
Ridgway rental housing, 161–62
run-up to, 217
Schwarzman profit from, 155–56
See also housing bust
Greenburg, Zack O’Malley, Michael Jackson, Inc., 118
Greenlining Institute, 205–6, 223, 226
Green River Capital, 243
Greenspan, Alan, 252
Gregory Estates, 287–89
Gross, Michael, 47
Grow, Brian, 243
Guthrie, Woody, 278–80
Gwinnett County, 166, 312
Haiti, 123
Hamill, Susan Pace, 113–14
Hamilton, Laird, 131
Hamilton Brothers Oil Company, 113
Hannity, Sean, xxxi, 108–14, 301, 306
Happy Canyon Vineyard, 117
Harney, Kenneth, 12
Harriman, W. Averell, 152, 153
Harris, Kamala, 86, 87–88, 327
Harvard Business School, 61, 152, 211, 250
Hayles, E. Carol, 328
Hays, Lee, 278
Hearst, Austin Chilton, 154
hedge funds, 43–46, 56, 60–62, 65, 117, 132, 158
Hickerson, Richard and Patricia, 3–12, 62, 63, 69–76, 89, 120, 191, 201, 232, 295
mental capacity suit, 90–95, 96
reverse mortgage purchase, 6–10
Thousand Oaks home, 5, 99, 184
See also Jolley, Sandy
Hochman, Anndee, 36–37
Hollywood. See movie industry
Home Equity Conversation Mortgage, 172
home loans. See mortgages homeownership, 5–7, 13, 17, 22, 23, 105–7, 307
buying procedure, 242
decline in, 166, 264–65
GI Bill and, 5, 109, 191, 276, 325
New Deal programs, 22–24, 35, 132–33, 172, 188–90, 195, 250, 251, 266, 326
racial gap in, 23, 24, 185, 187, 188–89, 191–92, 194–95, 197–98, 325
shell companies, 105–8, 143
shortage of starter homes, 266
as wealth builder, 24, 27, 70, 137, 150, 166–67, 172, 174, 185, 203, 238, 322, 325, 326, 327–28
See also middle-class homeownership; mortgages
Home Owners’ Loan Corporation
foreclosures, 22–23, 25–26, 27, 34, 132–34, 325
long-term fixed-rate mortgage, 325
redlining, 189, 195–96, 273
Trump properties and, 271–72, 273, 274
Homestead Act (proposed), 326
Hoover, Herbert, 188
Hoover, J. Edgar, 121–22
hostile takeover, 37, 52, 61
Housing and Urban Development
Department, 97, 112, 233, 307, 308
reverse mortgages and, 173, 174, 178
housing bubble, 21, 200, 205, 293–94
bad mortgages, 56–57
build-up, 46, 128, 145
CIT, 212–13
IndyMac success, 12–17, 250–51
peak (2006) of, 19
racial discrimination, 183, 203
housing bust (2008), 21–22, 62, 75, 115, 210, 249, 253, 309
Barrack buying spree, 128, 129–31, 137–40, 292
bulk sales, 135–37, 141, 143
drop in prices, 19, 34, 59, 137
homeowner losses, 128, 137, 185 (see also foreclosures)
Kushner buy-ups, 306
Mnuchin buying spree, 296
prediction of, 241
profiteering from, 35, 42–50, 52–55, 60, 143, 159, 223–24, 266, 300
race and, 183, 185
recovery from, 235
reverse mortgages, 200–201
transfer of wealth, 183
HSBC Bank, 221
Hughes, B. Wayne, 143–44, 164
Ice, Tom, 83–84
immigrants, 23, 24, 270–71, 272, 273
IndyMac
collapse of, 18–19, 21, 29–35, 42, 45, 50, 51, 53, 75–79, 132, 174, 211–18, 267, 268, 271, 328
FDIC ownership of, 31–35, 54–68, 79, 81–82, 172, 210, 216, 248
housing bubble success of, 12–17, 250–51
Mnuchin group purchase of, 23, 42, 77–79, 211–18, 221, 230, 231
predatory loans, 16, 18, 129, 131, 184
racial discrimination, 203
reverse mortgages, 12–14, 71, 72, 75–76, 174
interest, 14, 17, 21, 38, 141
racial rate discrimination, 183, 184, 203
as tax deduction, 305
See also subprime loans
investment banks
failures, 24–27, 47, 155
purchases of mortgage-based securities, 34, 39–40
separation from commercial banks, 251, 252–53
Invitation Homes, 162–66, 308, 321
It’s a Wonderful Life (film), 15, 17, 236, 326
Jackson, Howell, 25
Jackson, Michael, 117–18, 130, 140
Jacobson, Beth, 202
Jews, 273
Jim Crow. See segregation
Johnson, Lyndon, 202, 283
Johnson-Seck, Erica, 82–84, 89
Jolley, Sandy, 4–5, 7, 9–11, 120, 139, 178–79, 184, 229, 257
loss of family home, 88–102, 114, 115, 132, 201
parents’ financial condition, 69–76
rental of repossessed family home, 105–6, 169–72, 318
suit against Financial Freedom, 71–76, 89–102, 175–77, 206, 232, 233
suit settlement, 328–30
J. P. Morgan & Co., 246, 247
JPMorgan Chase, 57, 85, 148, 157, 210, 215, 221, 239, 324
Colony Capital credit line, 255, 326
mergers and, 229, 247–48
mortgage-backed securities funding, 242–43, 247, 321
record earnings (2018), 305
settlement with government, 254–55
size of, 248, 253
tranches, 240, 241, 254
junk bonds, 18, 183–84
Justice Department, 85, 175, 176, 177–78, 229, 254
discrimination suit against Trumps, 283–87
Financial Freedom settlement, 329
Kaufman, Will, 279
Kavanaugh, Ryan, 209
Keenan, Terry, 293
Kelly, Helen, 231
King, Martin Luther, Jr., 122, 202, 283
King, Rodney, 198
Klemesrud, Judy, 289
Kmart, 36, 44
Kohlberg Kravis Roberts & Co., 61, 301
Korea Exchange Bank, 140
Kravis, Harry, 301
Krimminger, Michael, 58–59
Kroll Bond Rating Agency, 239, 240
Ku Klux Klan, 277–78
Kushner, Jared, xxxi, 130, 301, 306–7
La Guardia, Fiorello
Lamhofer, Eric T., 94–97
Lampert, Edward, 36, 43–44, 77, 231
Larrea, Bruno, 99–102, 105–6, 169
Latinos, 183, 184–85, 203, 204, 233, 324
Lawyers’ Committee for Civil Rights Under Law, 136–37
Leach, James, 173
Lederman, Carol, 47
Lehman, Herbert, 274
Lehman Brothers, 12, 149, 152–53, 173
collapse of, 31, 57, 212, 215, 223, 252
Lehrenkrauss, Julius, 267–73, 291
Leibovitz, Annie, 130–31, 139
Lemann, Nicholas, 193
leveraged buyouts, 37, 61, 144–45, 209–10, 241, 326
Levine, Ted, 282
“liar loans,” 16, 18
Linton, Louise, 302–4
Lippman, Michael, 214
Liu, Betty, 141–42
LLC (limited liability company), 100, 105–6, 108, 113–16, 166, 201–2
hidden owners, 111, 116, 118, 139–40, 238
See also shell companies
loans, 55, 87, 221
carving up of, 59
deceptive, 16–18, 46, 53–54, 131
high-cost, 202
junk, 18, 183–84
payday, 308
See also mortgages; predatory lenders; subprime loans
Lorimer, George H., 150
Los Angeles, 78, 107, 117, 224–25
African American community, 193–99, 205, 233, 317–22
foreclosure crisis, 220–22, 320
race riots, 119–20, 197, 198, 278, 283
Trump fund-raiser, 257–59
white flight from, 196–97
Los Angeles County Museum of Art, 227
Los Angeles Dodgers, 130, 197
loss-share agreement, 78, 79, 81, 82, 172, 223, 228
definition of, 224
Lowe, Rob, 131
Lowenstein, Roger, 248
MacGillis, Alec, 306–7
Machado, Israel, 82–83
Macklowe, Harry, 145–46
Manafort, Paul, 256
Manchester, Douglas, 258
Mar-a-Lago golf club (Palm Beach), 147, 301, 304
Margolis, Peter, 91
Marks, Howard, 302
Martin, Cornelia, 147
Martinez, Emmanuel, 323
McCain, John, 31
McCarver, Kathryn, 46
McCourt, Frank, Jr., 130
McDonald, Duff, Last Man Standing, 249, 250
McMillen, Neil R., Dark Journey, 187
Meese, Ed, 123–24
Merrill Lynch, 47, 212, 229
Miami Valley Bank (Ohio), failure procedure, 33–34
middle-class home owners, 23, 27, 272–74, 307, 325
community investment, 205, 215, 220–34, 309
foreclosure effects, 66
military, 173, 197–98, 275–76
segregation, 190–91
See also GI Bill
millennials, 166, 266
Miramax, 130, 139
Mississippi, 186–87, 190, 191–93
Mittal Steel Company, 81
Mnuchin, Heather Crosby (second wife), 46, 47, 48–49, 78, 227
Mnuchin, Robert (father), 35, 36, 37, 41, 52, 66
Mnuchin, Steven T., xxxi, 41–52, 61–63, 66, 202, 210, 227, 235, 237, 301, 306, 316
background of, 35–40
first wife, 46
Flowers compared with, 51–52
as “Foreclosure King,” 300
at Goldman Sachs, 37–39, 41–42, 52, 236
lavish lifestyle, 46–47, 257, 302–4
money-making focus, 50, 206, 209, 223, 224, 233, 291–92, 296
personal drive, 36
second wife, 46, 47, 48–49, 78, 227
740 Park Avenue apartment, 46–47, 63
Thain CIT deal, 215, 216–18, 221
third wife, 302–4
as Treasury Secretary, 266, 300, 305–9
Trump presidential campaign and, 233, 257–59, 263, 266, 290
wealth of, 42, 52, 217–18, 233, 249, 257, 265–66, 303–4
See also IndyWest; OneWest Bank
money laundering, 106–8, 139
Morgan, J. Pierpont, 147, 246, 247
Morris, John, King of Capital, 145, 146, 163
Mortara, Michael, 37–39, 42, 46, 211
mortgage-backed securities, 14, 17–18, 19, 23–26, 31, 38–40, 59, 237, 247
bank funding of, 242–43, 252
Barrack-Schwarzman model, 236–37, 255, 257, 310, 321
bundling of, 54, 127, 236, 239–43
property values and, 321–23
rating of, 39–40
reverse mortgages and, 173–74
tranches, 39–40
Mortgage Fraud Strike Force, 86–87
mortgages
adjustable-rate, 10, 16–17, 58, 200
Alt-A, 16, 21, 53
bad, 31, 54, 56–57, 64, 126, 127, 131
balloon payments, 16, 21, 58, 131
bets against failing, 217
bundling of, 14, 15, 16, 31, 38, 39–40, 54, 173
buy-ups, 268–73
delinquent, 26–27 (see also foreclosures)
derivatives from, 26
discrimination ban, 283
down payment, 21, 23
FDIC modification plan, 58–60
federal insurance of, 23
as financial instrument (see mortgage-backed securities)
first-time home buyers, 107
fixed-rate, 5, 83, 238, 325
fraud, 86–87, 265–66
GI Bill, 5, 109, 191, 276, 280, 325
government-backed (see Fannie Mae; Federal Housing Administration; Freddie Mac)
interest-only, 17, 21
long-term, 5, 23, 83, 238, 325
National Mortgage Settlement, 85, 86
property appraisal, 242–43
race and, 180–90, 191, 198, 202, 323–24
refinancing of, 17
repayment of, 24, 26–27
resale of, 268–69
subprime, 21, 53, 156, 184, 204, 212, 216
thirty-year fixed, 21
toxic, 17, 79, 156, 179, 210, 310
value loss, 62
See also reverse mortgages
movie industry, 48, 49–50, 130, 139, 209
Napolitano, Andrew, 293
National Bureau of Economic Research, 183–84
National Guard, 119–20
National Housing Act (1934), 23, 190, 272, 274
National Mortgage Settlement, 85, 86
National Pension Service, 140
National Public Radio, 292, 323
National Reverse Mortgage Lenders Association, 173
Neighborhood Stabilization Program, 132
Neverland Ranch, 117–18, 131, 140
New Deal
homeownership programs, 22–27, 34, 35, 132–34, 172, 188–90, 195, 250, 251, 266, 271–74, 291, 308, 326
racial discrimination, 185–96, 325
New York Commission on Human Rights, 283–84, 287
New York Public Library, 154–55
“ninja loans,” 16
Nixon, Richard, 123, 134, 284
nonprofits, 225, 231
Norfolk Naval Base and Air Station, 275
Obama, Barack, 31, 156, 157, 307, 308
estate tax and, 327
foreclosures and, 132, 134, 135–38, 143
on hedge fund managers taxes, 157, 158
rebuke of Thain, 212
Trump attacks on, 264–65
Oberg, Jon, 176
Ocwen Financial Corporation, 210–11
Office of the Comptroller of the Currency, 214, 230, 231, 233
offshore interests, 138–39
OneWest Bank, 82–90, 253, 254, 300
board members, 86
branches, 82
CIT merger, 212–18, 225–34, 235, 265–66, 309
Colony Capital credit line, 210, 326
community investment, 205, 215, 220–34, 309
customer legal suits, 84–85
FDIC loss-share agreement, 78, 79, 81, 82, 172, 203, 215, 216, 224
foreclosures, 82, 83–85, 86, 172, 184, 203–4, 205, 210, 216, 220, 229–30, 231, 238, 265, 266
fraud charges, 86–87, 177, 209, 265–66
IndyMac purchase deal, 78–79
leveraged buyouts, 209–10
Mnuchin loss-share agreement, 223
money-making operations, 209–18
Otting as CEO, 224–25, 309
racial discrimination, 205–6, 210
repossession, 97–102, 105, 201, 203
reverse mortgages, 89, 90, 97, 175, 178, 200–201, 229–30, 233
revolving line of credit, 326
shortfall, 233
widespread misconduct, 86–87
Oros, John, 52–53, 55, 56
Otting, Joseph, xxxi, 216, 222–29, 231, 233, 300, 309
Pacific Reverse Mortgages, 9
Panic of 1907, 246
Paradise Papers, 138–40
Pasadena, 12, 30, 59, 205, 206, 225, 229
Paulson, Jenny, 61–63
Paulson, John, xxxi, 60–66, 117, 263
IndyMac group purchase, 77, 156, 217, 233
Paulson & Co., 60, 65–66, 86
payday loans, 308
Pellecchia, Ray, 240
Pence, Mike, 303
Perelman, Ronald, 63–65, 78, 127
Perry, Michael, 13–14, 15, 18, 30–34, 268
Peterson, Peter G., 153
PFF Bank & Trust, 223
PHH (mortgage lender), 155
Phillips, Ellen, 152, 153
Phillips, Ron, 135–36
Phoenix, 129, 138, 140, 160–61, 162, 294
Plaza Hotel, 125, 256–57
Pollock, Alex, 21–22, 23
Popular Community Bank, 221–22
Pottinger, J. Stanley, 284–85
predatory lenders, 16, 18, 116, 129, 131, 184, 202–3, 308, 309. See also subprime loans
presidential election of 1912, 245
presidential election of 2008, 31
presidential election of 2016, 255–59, 263, 264, 295, 316
presidential election of 2020, 327
private equity firms, 149, 204, 210–11, 316, 328
profiteering, 267, 280
property values, 55, 235, 321–22
ProPublica website, 306
Pruett, Shawn, 318, 320
Public Storage, 144
Putin, Vladimir, 138
PuWalski, Allen, 60, 62–63, 65, 216
Puzder, Andy, 258
Qatar, 130, 140, 316, 317
qui tam lawsuit, 175–76
race riots, 119–20, 197, 198, 278, 283, 301
racial discrimination, 183–206, 245, 301
foreclosures, 184, 189, 203, 204, 205
high-cost loans, 202, 203
HOLC program, 134, 273
homeownership, 23, 24, 185, 187, 188–96, 197–98, 202, 203, 325
illegality of, 202, 283–84, 308
New Deal, 185–96, 325
restrictive covenants, 195, 277, 279, 283, 284
reverse mortgages, 200–202
Trump rentals, 267, 277–78, 279, 283–89, 291
See also redlining; segregation
Ranieri, Lewis, 38
rating agencies, 18, 216, 243
Raymond, Elora, 310–11
Reagan, Ronald, 37, 39, 123, 124–25, 172
Rebuilding America Now (super PAC), 256
recession (2008). See Great Recession
redlining, 188–90, 195–96, 204, 220, 273, 277, 279
exposé, 323–24
illegality, 283
Reeves, Christopher, 111, 112
Relativity Media, 209
rentals. See apartment complexes; single-family rental homes
repossession, 63, 82, 85–86, 97–102, 105, 139, 159, 201, 203
lease agreement, 318–19
rent payment, 100–102, 116, 169–72, 178
Republican Party, 124–25, 173, 255–56, 257
tax bill (2018), 304–7
Resolution Trust Corporation, 127
restrictive covenants, 195, 277, 279, 283, 284
Reveal (radio show), 323
reverse mortgages, 6–14, 16, 73, 175, 199–201, 238
adjustable rate, 200
bundling and trading of, 173
description of, 6–7
expanded caps on, 173–74
expense of riddance from, 72–73
as financial elder abuse, 73, 75, 90
foreclosures, 88–102, 105–6, 172–75, 238, 328–29
fraud suits, 177–78, 233, 328, 329
government support, 97, 172–75, 178, 201
Jolley’s suit against, 172, 229, 328–30
legal history of, 172–74
negative financial impact of, 71–72, 89
paying off, 73, 74, 75
sales pitch, 6, 7–9, 10, 99
terms of, 10, 93
See also Financial Freedom Senior Housing
Revlon, 63, 64, 127
Rich, Frank, 154
Ricketti, John, 215, 216
Ridgway, Marcus, 159–67
background of, 159–60
Invitation Homes, 162–65
rental housing, 161–62
Rinaldo, Matthew, 65
risk, 45–46
Alt-A mortgages, 53
OneWest loans, 209–10
Volcker Rule limit on, 157
Riverdale Country School, 35–36
Riverside County, 129–30, 132, 138
Riverstone Residential Group, 162
RJR Nabisco, 61
Robeson, Paul, 278, 279
robosigning, 85
Rockford Files, The (TV show), 4
Rogers, Bill, 126
Rolling Plain Cooperative, 277
Ronald Reagan Presidential Library, 124
Roosevelt, Franklin, 26, 63, 134–35, 191, 254, 303
“Forgotten Man” speech, 299
National Housing Act, 23, 190, 272
See also New Deal
Rosenberg, Hilary, The Vulture Investors, 80
Rosenthal, Robert, 257, 258–59
Ross, Hilary Geary, 303
Ross, Wilbur S., xxxi, 211, 291–92, 301, 316
bankruptcy buy-ins, 79–81, 300
BankUnited, 79–80, 138, 156, 200, 221, 223
as Commerce Secretary, 300, 304, 309
lavish lifestyle, 304
third wife, 302–3, 304
Trump presidential campaign, 263, 290
Rothstein, Richard, The Color of Law, 188
row houses, 277, 291
Rubenstein, David, 151
Rubin, Robert, 251
Rubio, Marco, 255
Rumford Fair Housing Act (Calif., 1963), 196
Ryan, John, 212
Salomon Brothers, 38
Saltzman, Richard, 237
Sanba II Investment Company (Qatar), 140
San Bernadino County, 138
Sanders, Bernie, 327
San Diego, 82, 201
San Francisco
money laundering, 107
redlined districts, 189
San Francisco Chronicle, 87
San Gabriel Valley, 144
Santa Barbara County, 125
Saudi Arabia, 123, 316
savings and loan banks, 56
deregulation of, 63
savings and loan crisis (late 1980s–early 90s), 35
Barrack profits from, 126–27, 137–38, 155
causes of, 38–39, 63
corporate raiders and, 106, 155
government bailouts, 126
official history of, 127
profiteers, 62–65, 143
Savings and Loan League, 24
Saylor, Paul, 144
Scaramucci, Anthony, 263–64
Scheiber, Noam, 211
Scher, David, 176–77
Schneiderman, Eric, 295
Schumer, Charles, 29
Schwartz, Mark, 46
Schwarzenegger, Arnold, 90
Schwarzman, Christine Hearst, 153–54
Schwarzman, Joseph (father), 150, 151
Schwarzman, Stephen A., xxxi, 47, 63, 145, 146–58, 291–92
background of, 149–52
BankUnited acquisition, 156, 223
distressed property buy-ups, 204
executive compensation, 157
flipping, 235–37
marriages, 152, 153–54
mortgage-backed securities, 236–37
net worth, 327
New York Public Library philanthropy, 154–55
ostentatious lifestyle, 146–49, 154, 159, 301–2
Park Avenue apartment, 249
racial discrimination denial, 202
rental homes deal, 162
as risk averse, 163
Trump presidency and, 300–301, 306
vulture capitalism, 184
See also Blackstone Group
Sears, 36, 44–45, 47, 52
Sears Canada, 44
securities, 13, 15
mortgage-backed, 14, 17–18
Securities and Exchange Commission, 116, 205, 241, 243, 320, 328
Seeger, Pete, 278
Seelig, Chip, 49
segregation, 29, 188, 189, 190–91, 273, 283
Semel, Terry, 227
Senate, 29, 280–81
Judiciary Committee, 123
740 Park Avenue, 52, 78, 249
Mnuchin apartment, 46–47, 63
Perelman apartment, 63
Schwarzman apartment, 63, 146, 148, 249
Thain apartment, 63, 211
Seymour, John, 14
SFR 2012-U.S. West LLC, 140
Shearson, Hammill & Co., 249
shell companies, 20, 105–8, 110, 266
apartment complex, 106, 111–12, 306–7
auctions of repossessed homes, 100, 105, 106, 115–16, 201–2, 238–39
broader impact of, 113–14, 166
ColFin AL-CA5 LLC, 100, 105, 106, 115–16, 201–2
Delaware incorporation, 105, 115, 116
hidden owners of, 108, 110–14, 115–16, 140–41
Kushner family, 30–76
original function of, 113
pass-through tax deduction (2018), 305–6
single-family rentals, 160–67
state requirements, 113–14
shopping malls, 63
Shore Haven (Trump apartments), 276, 277, 281, 282
Sidel, Robin, 156
Simmons, Patrick, 266
single-family rental homes, 100–101, 106, 136–37, 142, 169–79, 192, 204–5
Barrack and Schwarzman business model, 235–37, 320–23
characteristics of, 164
commodification of housing study, 310–11
debt bundling of, 237–43, 322–23, 326–27
dispossessed buy-ups and, 142, 160–66
effects of landlord’s foreclosure, 220–21
evictions, 320
expense of, 169–70
Fannie Mae and, 308
flipping of, 235, 237–38
gross yield from, 165
housing bust and, 266
property maintenance, 169–71, 243, 313–14
Ridgway-Schwarzman company, 162–65
rising rents, 315
shell company landlords, 160–67, 238–39
Starwood Waypoint Homes, 321
Trump Organization and, 291
Skull and Bones, 151–52
slavery, 185
slumlords, 287–89, 306–7, 314–17
small businesses, 228
Soros, George, xxxi, 45–46
IndyMac group purchase, 77, 156, 202, 217, 233
Soros Fund Management, 46, 86
South Korean government, 140
South Los Angeles. See Los Angeles
speculators, 160
SPMK LLC, 110, 111, 301
squatters, 201
Standard & Poor’s, 216
Starwood Capital Group, 143, 255
Starwood Waypoint Homes, 321
steel company bankruptcies, 80–81
Steinberg, Elan, 158
Sternlicht, Barry, 143, 255
Stewart, Jimmy, 15, 326–27
Stiglitz, Joseph, 241–42
Freefall, 17
stock market, 31, 45, 148, 250–51
crash (1929), 251, 325
Stone, Oliver, 37
Stone, Roger, 256–57, 300
Strategic Actions for a Just Economy, 218, 219–20, 225
Strategic and Policy Forum, 301
Strategic Property Management, 100, 169, 171
student loans, 176, 212
subprime loans, 21, 53, 156, 184, 204, 212, 216
suburbs, 196–97
Sulzberger, Arthur Ochs, 250
Sumitomo Bank (Japan), 140
Sunbelt, 115, 129
Supreme Court, US, 196, 277
Swaine, Jon, 108, 110–12
“sweetheart deals,” 127
Syriana (film), 48, 49
Taj Mahal Casino Resort, 80, 125
tax rate, 39, 149, 157–58
Trump cuts, 305–7
television, 4–8, 99, 292, 328
Thain, John, xxxi, 47, 63, 148, 226
background of, 211–12
Indymac sale and, 211–18, 221, 230, 231
Lehman Brothers collapse and, 212
740 Park Avenue apartment, 63, 211, 249
wealth of, 211–12, 233
Tisch, Thomas, 43, 47
Todd, Ed, 122–23
Tomasello, James, 277, 280
toxic assets, 17, 35, 79, 156, 210, 310
trailer parks, 160–61
tranches, 17, 23, 39–40, 240, 243, 254, 255
Travelers Group, 252
Treasury Department, 86, 107–8, 135, 221, 223
Mnuchin as Secretary of, 266, 300, 305–9
Treehouse Group, 160–63
Truman, Harry, 276
Trump, Donald, xxxi, 48, 108, 147, 148, 292–96
background of, 272, 281 (see also Trump, Fred)
Barrack close friendship, 125, 130, 256–57, 313
“Drain the Swamp” mantra, 265–66
economic advisers, 263–64, 267
economic populism, 265, 299–300, 303, 306
failed businesses, 80, 125, 292–96
financial vultures and, 267, 290, 304–10
lavish lifestyle, 289–90
lawsuits against, 286–87, 295–96
licensing of name, 80, 292
Manhattan real estate, 289–90
Mar-a-Lago golf club, 147, 301, 304
Mnuchin relationship, 233, 257–59, 263, 266
moral emptiness of, 293
presidency, 266, 295–96, 299–316
presidential campaign, 233, 255–59, 263–65, 295
publicity, 292–93
real estate discrimination charges, 278, 283–87, 288, 291
showmanship of, 274, 292–93
white nationalism and, 301
Trump, Fred, xxxi, 29, 125, 267–85
appraisal of building career, 291
arrest of, 287, 288, 289
family trust, 281
FHA building subsidies, 276–77, 280–82, 288, 290, 291
fraudulent practices, 267, 281
racial discrimination, 267, 277–78, 283–89, 291
Senate investigation of, 280–81
Trump, Ivanka, 301
Trump, Melania, 148, 301, 302, 304
Trump University, 292–96
Trump Village, 284
Truth in Lending Act (1968), 309
Tully, Shawn, 126, 127
20th Century Fox, 49
Tysons Park apartments, 285, 286
unemployment rates, 31, 131–32, 161
black and Hispanic, 184–85
Union Bank of California, 223
United Mine Workers of America, 119
University of San Diego, 123
University of Southern California, 122, 144
urban decline, 196–98, 326
Urban Institute, 86, 314
Urban League, 284, 287
US Bank, 79, 223, 224–25
value investing, 43–44
veteran benefits, 5, 7–8, 74, 109, 191.
See also GI Bill
Vietnam War, 197–98
Villaraigosa, Antonio, 221–22
Volcker Rule, 156–57, 309
von Damm, Helene, 124, 125
Voyles, Bennett, 36
vulture capitalists, 29, 51–66, 80, 118, 126, 143, 184, 224, 248
Wachovia, 214, 215, 229
Wagner, Robert, 5, 6
Waldorf-Astoria, 237
Wallace, Benjamin, 131
Wall Street (film), 37
Walsh, Henry, 94, 96
Ward, Jon, 293
Warren, Elizabeth, 327
Washington Mutual, 31, 56–57, 229, 248
Watts riot (1965), 197, 198
wealth gap, 142, 166, 183, 185, 187–88, 254, 324–27
Weill, Sandy, 249–53
Weinstein, Harvey and Bob, 130
Weitzel family, 194–95
Wells Fargo, 85, 86, 202, 221, 229
West, Tony, 176
Wharton School, 282
Whelan, Robbie, 164–65
whistleblower complaints, 175–78, 229, 233, 328, 329
Whitaker, Bill, 32
white flight, 196–97
white supremacy, 188, 301
Whitney Gala, 48
Wilkerson, Isabel, The Warmth of Other Suns, 193, 194
Wilson, Woodrow, 188, 245–47, 250, 324–25
Wolfe & Wyman law firm, 94
Wood, Kimba, 108
Woody Guthrie Center, 279
working-class housing, 130, 137, 141–42, 172, 326
FHA loan program, 254, 255, 272, 273
Fred Trump properties, 267, 270–85, 289, 290
trailer parks, 160–61
World War II, 24, 157, 190–91
Fred Trump building projects, 275–76
See also GI Bill
Worley, David, 90, 94, 96
Wright, James, 107
Yale University, 36–37, 43, 49, 146, 151–52
Zarris, Alexander, 177
Zell, Sam, 106, 145
Zuckerman, Gregory, 60, 61
The Greatest Trade Ever, 60