Tabla de Contenidos: “…Mortgage Business, 1940-85 -- Wall Street Develops Collateralized Mortgage Obligations (CMOs) -- 'Subprime 1.0' Temporarily Sobers the Market -- Countrywide's Strategy in the 1990s -- AmeriQuest Launches a Subprime 'Race to the Bottom' -- Mozilo Reconsiders Countrywide's Subprime Strategy -- Author's Note -- Notes -- Case 4 Subprime Heading South at Bear Stearns Asset Management -- Hedge Funds Develop on Wall Street -- Bear Stearns Forms its Own Hedge Funds -- Mortgage Market Trends and HGF Disclosure -- Financial Control Issues at HGF -- Cioffi and Tannin Respond to Growing Pressures -- February 2007: ELF Performance Turns Negative -- Matthew Tannin Considers His Response to Barclays Bank -- Author's Note -- Notes -- Part 2 Consequences for Gatekeepers and Firms -- Case 5 Ratings Integrity vs. …”