Confessions of a Subprime Lender An Insider's Tale of Greed, Fraud, and Ignorance
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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.
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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.
List price: $19.95
Copyright year: 2008
Publisher: John Wiley & Sons, Incorporated
Publication date: 6/16/2008
Size: 6.00" wide x 9.00" long x 0.50" tall
|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|