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

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Overview

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.

Product Details

  • ISBN-13: 9780470402191
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 6/30/2008
  • Edition description: New
  • Edition number: 1
  • Pages: 208
  • Sales rank: 710,511
  • Product dimensions: 5.80 (w) x 8.90 (h) x 0.60 (d)

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.

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.

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.

Customer Reviews

Average Rating 4
( 2 )

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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.

    Was this review helpful? Yes  No   Report this review
  • 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.

    Was this review helpful? Yes  No   Report this review
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