The Story Behind the Mortgage and Housing Meltdown: The Legacy of Greed

Overview

Many people think that greedy lenders intent on victimizing unsuspecting borrowers caused the mortgage crisis, saddling them with loans they couldn't afford and taking their houses through foreclosure for later sale at a profit. If that's what you think, you're dead wrong. It was a complex melding of events and opportunities, an economic "perfect storm" that came within a hair's breadth of toppling the American financial system and the economies of numerous other countries. And it didn't have to happen. In this ...
See more details below
Other sellers (Hardcover)
  • All (11) from $1.99   
  • New (3) from $2.69   
  • Used (8) from $1.99   
The Story Behind the Mortgage and Housing Meltdown: The Legacy of Greed

Available on NOOK devices and apps  
  • NOOK Devices
  • Samsung Galaxy Tab 4 NOOK 7.0
  • Samsung Galaxy Tab 4 NOOK 10.1
  • NOOK HD Tablet
  • NOOK HD+ Tablet
  • NOOK eReaders
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook)
$10.49
BN.com price
(Save 25%)$13.99 List Price

Overview

Many people think that greedy lenders intent on victimizing unsuspecting borrowers caused the mortgage crisis, saddling them with loans they couldn't afford and taking their houses through foreclosure for later sale at a profit. If that's what you think, you're dead wrong. It was a complex melding of events and opportunities, an economic "perfect storm" that came within a hair's breadth of toppling the American financial system and the economies of numerous other countries. And it didn't have to happen. In this book, Kenneth Clark, a longtime mortgage banker and financial industry insider, talks about the real root causes of the mortgage and housing meltdown and how the government's failures and Wall Street's greed enabled the collapse.
Read More Show Less

Product Details

  • ISBN-13: 9781452054391
  • Publisher: Author Solutions
  • Publication date: 8/5/2010
  • Pages: 164
  • Product dimensions: 5.90 (w) x 9.10 (h) x 0.80 (d)

Meet the Author

Kenneth Clark speaks from experience, not from political or financial ambition. His insights will benefit everyone desiring to filter out the buzzwords and gain clarity into why this disaster occurred, and how to prevent it from happening ever again.
Read More Show Less

Table of Contents

Preface vii

Introduction: The Purpose of This Book xi

1 The Real Estate Finance Business in America 1

2 The Crisis Looms 25

3 Agents of the Apocalypse 37

4 The Meltdown Begins 49

5 The Foreclosure Epidemic 65

6 Living with the Aftermath 81

7 Taking Back Control and Ending the Black Box Era 93

8 "I'm from the government and I'm here to help." 109

9 Where Do We Go From Here? 123

10 Back to the Future 143

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously
See All Sort by: Showing 1 – 20 of 44 Customer Reviews
  • Posted January 17, 2011

    Highly Recommended - you must check it out!!

    I met Ken Clark at a mortgage convention some years ago and always felt that he had a very good grasp of what was going on in the mortgage world from a hands on owners perspective. When I heard he had written a book chronicling the mortgage business and how we got where we are in the business today, I immediately purchased his book, Meltdown.

    Easy to read and if you do read it you will come away with many tidbits on mortgages and how they were originated and how we got so sideways in this market. You will feel sorrow for no one other than those who were not involved in the business. It would appear that the creators of these products that were securitized, deserved whatever bad results of which they may have been its victims.

    Read it.

    2 out of 2 people found this review helpful.

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

    Posted January 17, 2011

    Good read!

    I googled Legacy of Greed and found Ken Clark's book online. My brother is on Wall Street and ha never really gave me a clear picture of the mortgage debacle. You hear so much about it from the pundits but Clarks description of the history of housing financing gave me a very enlightned view, so much so that I was able to ask intelligent questions of those in the business.

    It is not long and that encouraged me to go through it as it educated me on our predicament and gave me ideas of how to extricate us from it.

    I recommend it highly.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 17, 2011

    Great Book

    Wow, I was always under the impression that Lenders would do anything to put a Borrower into foreclosure; however after reading Clarks book I have a totally different impression. This being based on actual facts and not some press hysteria.

    Although Clark is a Lender he paints a very realistic picture of Lenders from a negative standpoint as well as the positive aspects.

    I would recommend it to anyone with the slightest interest in the financial markets.

    2 out of 2 people found this review helpful.

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

    Posted January 17, 2011

    Good read!

    I just finished Meltdown by Ken Clark and I was very surprised that it was so reader friendly. Not being associated with the mortgage business I was very interested in acquainting myself with what had happened and an explanation of why it had occurred.

    I thought Clark's book was a succinct yet very thorough explanation.

    I personally like his view on credit scores and their overuse in that although my credit was spotless I faced a daunting task in getting mine where it needed to be to get a loan.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 17, 2011

    Highly Recommended

    A friend gave me Meltdown by Kenneth Clark and I just finished reading it. I agree so whole heartily on his view that if the industry is going to be revised to deal with its past problems then people that who have been active in it must be a part of its reorganization. I see too many things in the government being handled by bureaucrats who have had no real practical experience in the field that they are overseeing.

    My impressions from the book are that Clark has been in the trenches and has first hand knowledge of the business.

    2 out of 2 people found this review helpful.

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

    Posted January 17, 2011

    Highly Recommended, a must read for everyone

    Greed is right on the money. The 8 to 10 years that Wall Street put out these ridiculous products was a disgrace. Clark paints the picture in very easy to read book and with spot on accuracy.

    I became interested in most of these books because my wife and I lost our home because we were convinced to take out what was referred to a a NINA loan. That is, nothing was required but my credit, which at that time was excellent now my score is in the 400's.

    I read Clark's book with great personal interest and his assessment is so clear. Frankly, his view of the entire market is very understandable. He was in it and I was one of its victims, I am sad to say. For some reason his book gave me and my wife some closure.

    If you were a victim of those pariahs you need to read Mr. Clark very revealing book. I would love to meet him and discuss my plight and his insight into the events that occurred.

    2 out of 2 people found this review helpful.

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

    Posted January 17, 2011

    Highly Recommended, a must read.

    I have been a mortgage professional for the past 25 years and still learn something new every day. Mr. Clarks take on the events that have lead to where we are in the Housing Market today are dead on.

    2 out of 2 people found this review helpful.

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

    Posted December 19, 2010

    Highly recommeneded... must read!!!

    This book is a wonderful, easy read with great insight into what caused the sub prime mortgage crisis. I definately recommend reading this book if you are in the industry or just interested in finance.

    2 out of 2 people found this review helpful.

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

    Posted January 31, 2011

    Very Educational

    Meltdown is a great book for anyone wanting to learn why housing prices increased at an alarming rate and then fell so dramatically. We all lived through it but may not really understand what happened. We just know that home values dropped considerably. Many of the reasons are covered in the book and stated in such a way that anyone can understand what took place. Mr. Clark makes several suggestions to change the way borrowers are underwritten to help prevent this in the future. This is a very informative book and has given me a great education that will benefit me the next time I get a mortgage.

    1 out of 1 people found this review helpful.

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

    Posted January 31, 2011

    Highly Recommended

    Easy to read and easy to understand some of the aspects that caused the current state of affairs. A good history of mortgages and their place in the economy. It's good to see some companies are still fighting to help the average american buy a home that they can AFFORD.

    1 out of 1 people found this review helpful.

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

    Posted January 31, 2011

    The best book ever!

    I was forced to read Meltdown at the insistence of my husband who lost his home in foreclosure before we married. The book was very well written particularly since I have no mortgage or financial background.

    Everything was laid out in a very orderly manner and that made it easy to read, put the book down and then pick it up and start over with out going back over the previously read portion.

    Kudos to my husband for getting me to read Meltdown. It wasn't as fun as one of those love novels but a definite must-red and have passed it on to some of my friends as well.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 29, 2011

    Highly recommended

    Ken Clark's book presents a clear and concise understanding of the history of the mortgage industry and the reasons for its recent meltdown. It is non technical and written for the layman. Having been in the college textbook business for 40 years, I recommend this book for any college business student, especially finance, real estate, banking, and accounting majors.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 28, 2011

    A valuable book you WANT to read, and should read

    This book is a must read for a valuable insight into the mortgage crisis we experienced and are experiencing. It is a carefully constructed chronicle of the systemic greed and clueless shortsightedness and incompetence that brought the U.S. financial system to its knees. I followed the financial crisis while it was happening, and frankly always felt like pieces were missing. The books that I read after the financial crisis covered certain bits in detail, but I still had no bird's-eye view. Finally, " The Story Behind the Mortgage and Housing Meltdown: The Legacy of Greed" provided it. I highly encourage anyone who wants not only a chronology of the financial crisis, but a valuable look at human nature, to pick up this book.

    1 out of 1 people found this review helpful.

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

    Posted January 28, 2011

    A must read

    For a novice like me without any knowledge of mortgage industry, this book by Kenneth Clark is a must read to understand the root cause of financial industry breakdown. The views expressed in this book are remarkable and provide a deep insight into the current financial industry. This is a must read for anyone interested in understanding how the Meltdown happened.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 28, 2011

    Very Informative!

    I have been in the mortgage industry for 24 years in several capacities and this is the first book I have read that concisely details the mortgage industry and how the "Meltdown" crisis came about. Not only does it provide an experienced point of view regarding why the "Meltdown" occurred, more importantly it provides insight into how to avoid this occurrence in the future. Further, I would recommend this book to both future homebuyers and industry professionals. The information on the mortgage process is invaluable from either perspective.

    1 out of 1 people found this review helpful.

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

    Posted January 28, 2011

    Very Informative-Well Researched, A Must Read!

    I recently took a job in the mortgage industry and I needed a book to give me the facts without the fluff, "Meltdown" was perfect. I think that anyone that is new to the mortgage industry should be required to read this book. It was great to see an industry insider give real facts and truthful information. It would be incredibly beneficial to the TV pundits to read through "Meltdown" before they give opinions on the mortgage industry. I would highly recommend this book to anyone interested in a future in the mortgage industry and anyone that wants to stay informed on current events.

    1 out of 1 people found this review helpful.

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

    Posted January 28, 2011

    Very Informative

    Great book and I thought that the author showed that he had a lot of personal experience in the field. Sometimes these type of books are written by some a college professor who have no experience.but it is all extrapolated from books, this is not the case with Meltdown and it is obvious.
    I will be watching more closely the pundits on TV when the discuss the financial crisis. Glad I purchased it.

    1 out of 1 people found this review helpful.

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

    Posted January 27, 2011

    Great Book!!!

    I first saw this book at a friend's house. It caught my eye and I flipped through the pages and knew I had to buy it. Just finished Meltdown and feel like I have completed some course in "Mortgage History 101". It was a lot of information in less than 200 pages but told you all you needed to know on the subject. I work in the mortagage bussiness and this book is a great tool to obtain useful information. It was a real eye opener and a book I would recommend to all people that may have the slightest interest in the business.

    1 out of 1 people found this review helpful.

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

    Posted January 25, 2011

    Informative, clear, enlightening

    This book explains in simple terms, the fiasco that both created and destroyed the housing market in the US. In a complicated world of financial instruments, and hedges, Ken simplifies the cause and effect of regulations on the marketing of these, and how they were used to cloud the risks.

    1 out of 1 people found this review helpful.

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

    Posted January 25, 2011

    Highly Recommended - A Must Read!

    This book is a great read. What I like most about the book is that you don't need to have any background in the mortgage industry to learn about the mortgage crisis. The book lays out, in easy-to-grasp terms, the historical backdrop and then builds on this to clearly create a picture of the events that led to the current mortgage situation. Very informative and very interesting!

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
See All Sort by: Showing 1 – 20 of 44 Customer Reviews

If you find inappropriate content, please report it to Barnes & Noble
Why is this product inappropriate?
Comments (optional)