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Confessions of a Subprime Lender
An Insider's Tale of Greed, Fraud, and Ignorance
Richard Bitner (Author)
9780470402191, Wiley
Paperback / softback, published 15 August 2008
204 pages
23 x 15.4 x 1.6 cm, 0.256 kg
"...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)
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.
Acknowledgments ix Introduction xi CHAPTER 1 Why I Bailed Out of the Industry 1 CHAPTER 2 The Gunslinging Business of Subprime Lending 15 CHAPTER 3 The Underbelly: Mortgage Brokers 39 CHAPTER 4 Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing 73 CHAPTER 5 Wall Street and the Rating Agencies: Greed at Its Worst 103 CHAPTER 6 Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors 127 CHAPTER 7 How to Fix a Broken Industry 151 Glossary 183 Resources 185
Subject Areas: Finance & accounting [KF]
