Confessions of a Subprime Lender An Insider's Tale of Greed, Fraud, and Ignorance

ISBN-10: 0470402199

ISBN-13: 9780470402191

Edition: 2008

Authors: Richard Bitner

List price: $19.95 Buy it from $1.49
30 day, 100% satisfaction guarantee

If an item you ordered from TextbookRush does not meet your expectations due to an error on our part, simply fill out a return request and then return it by mail within 30 days of ordering it for a full refund of item cost.

Learn more about our returns policy

Description:

"Bitners book conveys the authority of someone who was in the trenches where this dirty work was going on." -- Newsweek Magazine With each day bringing new revelations about the economic damage the mortgage crisis is creating worldwide, this book couldn't be timelier. Bitner tells the fascinating story of his disillusionment after owning a sub-prime lending business for five years, beginning with foreclosing on a borrower he knew shouldn't have been given a mortgage in the first place (even though the loan fit the industry's guidelines), and relating the story of his house catching fire, and how this string of events prompted him to re-evaluate his priorities and sell his stake in the company just as profits were plummeting and sales were hitting an all-time high. A year after Bitner bailed, the industry began to implode, and he watched his former company go bankrupt. Weaved in with his personal industry experiences is the fascinating story of how an industry started by helping disadvantaged customers buy houses, but soon lost its way due to greed, lack of financial control, and willful ignorance; this book reveals the truth about how various parts of the mortgage business yielded to temptations to maximize profits, weakening the chain that held this system together. The book covers: What it was like running a sub-prime lending business in an industry spiraling out of control How nearly three out of every four sub-prime mortgages originated by brokers were misleading or fraudulent, and the tactics they used to trick lenders and borrowers How the sub-prime industry pushed home prices to unsustainable levels How brokers and lenders used creative financing to turn unqualified applicants into qualified borrowers 20 critical changes that must be made to fix the mortgage industry, including transparent fees, rating agency reform, and the implementation of new, mandatory licensing requirements for brokers From borrowers, to brokers, to appraisers, to Wall Street Investment Banks, Bitner exposes the role that each level of the hierarchy played -- and the tactics that were used -- in bringing on one of the greatest business disasters in the history of the United States.
Used Starting from $11.80
New Starting from $17.70
what's this?
Rush Rewards U
Members Receive:
coins
coins
You have reached 400 XP and carrot coins. That is the daily max!
Study Briefs

Limited time offer: Get the first one free! (?)

All the information you need in one place! Each Study Brief is a summary of one specific subject; facts, figures, and explanations to help you learn faster.

Add to cart
Study Briefs
Business Ethics Online content $4.95 $1.99
Add to cart
Study Briefs
Business Law Online content $4.95 $1.99
Add to cart
Study Briefs
Management Online content $4.95 $1.99
Customers also bought
Loading
Loading
Loading
Loading
Loading
Loading
Loading
Loading
Loading
Loading

Book details

List price: $19.95
Copyright year: 2008
Publisher: John Wiley & Sons, Incorporated
Publication date: 6/16/2008
Binding: Paperback
Pages: 224
Size: 6.00" wide x 9.00" long x 0.50" tall
Weight: 0.550
Language: English

Acknowledgments
Introduction
Why I Bailed Out of the Industry
The Gunslinging Business of Subprime Lending
The Underbelly: Mortgage Brokers
Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing
Wall Street and the Rating Agencies: Greed at Its Worst
Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors
How to Fix a Broken Industry
Glossary
Resources
×
Free shipping on orders over $35*

*A minimum purchase of $35 is required. Shipping is provided via FedEx SmartPost® and FedEx Express Saver®. Average delivery time is 1 – 5 business days, but is not guaranteed in that timeframe. Also allow 1 - 2 days for processing. Free shipping is eligible only in the continental United States and excludes Hawaii, Alaska and Puerto Rico. FedEx service marks used by permission."Marketplace" orders are not eligible for free or discounted shipping.

Learn more about the TextbookRush Marketplace.

×