Confessions of a Subprime Lender

An Insider's Tale of Greed, Fraud, and Ignorance

Häftad, Engelska, 2008

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Former subprime lender Richard Bitner once worked in an industry that started out helping disadvantaged customers but collapsed due to greed, lack of financial control and willful ignorance. In Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance, he reveals the truth about how the subprime lending business spiraled out of control, pushed home prices to unsustainable levels, and turned unqualified applicants into qualified borrowers through creative financing. Learn about the ways the mortgage industry can be fixed with his twenty suggestions for critical change.

Produktinformation

Utgivningsdatum2008-08-15
Mått154 x 230 x 16 mm
Vikt256 g
FormatHäftad
SpråkEngelska
Antal sidor204
FörlagJohn Wiley & Sons Inc
ISBN9780470402191

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Acknowledgments ixIntroduction xiCHAPTER 1 Why I Bailed Out of the Industry 1CHAPTER 2 The Gunslinging Business of Subprime Lending 15CHAPTER 3 The Underbelly: Mortgage Brokers 39CHAPTER 4 Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing 73CHAPTER 5 Wall Street and the Rating Agencies: Greed at Its Worst 103CHAPTER 6 Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors 127CHAPTER 7 How to Fix a Broken Industry 151Glossary 183Resources 185

"...packed with tales of crooked brokers, deceitful customers, avaricious Wall Street banks and all too obliging credit rating agencies." (The Guardian, September 19, 2008) "If this is even near the truth, it is remarkable...Bitner's book was more firmly rooted in the world we live in." (Prospect Magazine, October, 2008)"...pulls back the curtain on the players who created the subprime disaster...In a breezy style and from a special vantage" (Pensions World, November 2008)