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Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance [NOOK Book]

Overview

Richard Bitner founded his own subprime mortgage company just as the industry took off. In five years, he watched his company grow from a tiny operation to a booming business. But something wasn't right...

As housing prices skyrocketed, Bitner watched greed and fraud overtake the industry. Eventually, he became disenchanted after foreclosing on a subprime borrower who was given a legitimate, industry-standard mortgage-a loan Bitner realized never should have been made. Seeing ...

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

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Overview

Richard Bitner founded his own subprime mortgage company just as the industry took off. In five years, he watched his company grow from a tiny operation to a booming business. But something wasn't right...

As housing prices skyrocketed, Bitner watched greed and fraud overtake the industry. Eventually, he became disenchanted after foreclosing on a subprime borrower who was given a legitimate, industry-standard mortgage-a loan Bitner realized never should have been made. Seeing the ugly writing on the wall, he sold his stake in the business before the industry imploded under a mountain of bad debt.

Confessions of a Subprime Lender pulls back the curtain on the players who created the subprime disaster, including brokers, lenders, Wall Street investment firms, and rating agencies who worked the system to their advantage. From his unique perspective as a subprime lender, Bitner reveals: Why nearly three out of every four mortgages were misleading or fraudulent, How unscrupulous brokers tricked lenders and gullible borrowers, How brokers and lenders turned unqualified applicants into "qualified borrowers", Why Wall Street and the rating agencies are largely to blame for the collapse.

Interwoven with dramatic personal anecdotes, Confessions of a Subprime Lender explains how the subprime industry blew up and concludes with a comprehensive solution for rebuilding it by forcing changes on all the key players.

About the Author:
Richard Bitner is Managing Director for Housing Wire, a leading mortgage industry online publication

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Editorial Reviews

From the Publisher
"...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)

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Product Details

  • ISBN-13: 9780470440612
  • Publisher: Wiley
  • Publication date: 11/3/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 208
  • Sales rank: 1,226,796
  • File size: 355 KB

Meet the Author

Richard Bitner was president and cofounder of Kellner Mortgage Investments, a subprime mortgage company that peaked at sixty-five employees and $225 million in annual loan volume. He is Managing Director for Housing Wire, a leading mortgage industry online publication.

Visit Richard's blog at www.lendingsanity.com.

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Table of Contents

Acknowledgments.

Introduction.

Chapter 1. Why I Bailed Out of the Industry.

Chapter 2. The Gunslinging Business of Subprime Lending.

Chapter 3. The Underbelly: Mortgage Brokers.

Chapter 4. Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing.

Chapter 5. Wall Street and the Rating Agencies: Greed at Its Worst.

Chapter 6. Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors.

Chapter 7. How to Fix a Broken Industry.

Glossary. 

Resources.

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Preface

Richard Bitner was president and cofounder of Kellner Mortgage Investments, a subprime mortgage company that peaked at sixty-five employees and $225 million in annual loan volume. He is Managing Director for Housing Wire, a leading mortgage industry online publication.

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Sort by: Showing all of 2 Customer Reviews
  • Posted July 11, 2011

    Good, but dry

    This book is filled with great information and it will blow you away with the remarkable insight of what went on during this time. And history has proven what Bitner has said to be true, and there is more bad stuff to come! I used to be a part of this industry and I thought what he said was dead-on.

    The only reason I didn't give the book a higher rating was that I just thought it was a bit dry... but that's my opinion.

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  • Posted February 24, 2009

    Whoa

    A survey of a completely corrupt industry by a former member of it. At every step of the way, you will be wondering "How the f--- is this legal?!?!?!?!". A good way to introduce yourself to the financial crisis. Doesn't go much into derivatives, which were also hopelessly corrupt, but that's not his expertise and he does an excellent job of explaining to any non-finance type how chopped up, overhyped mortgage-backed securities could ruin our financial system.

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