Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream

Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream

by Aaron Glantz

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Overview

In the spirit of Evicted, Bait and Switch, and The Big Short, a shocking, heart-wrenching investigation into America’s housing crisis and the modern-day robber barons who are making a fortune off the backs of the disenfranchised working and middle class—among them, Donald Trump and his inner circle.

Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: “I sort of hope that happens because then people like me would go in and buy,” he said. But our future president wasn’t alone. While millions of Americans suffered financial loss, tycoons pounced to heartlessly seize thousands of homes—their profiteering made even easier because, as prize-winning investigative reporter Aaron Glantz reveals in Homewreckers, they often used taxpayer money—and the Obama administration’s promise to cover their losses.

In Homewreckers, Glantz recounts the transformation of straightforward lending into a morass of slivered and combined mortgage “products” that could be bought and sold, accompanied by a shift in priorities and a loosening of regulations and laws that made it good business to lend money to those who wouldn’t be able to repay. Among the men who laughed their way to the bank: Trump cabinet members Steve Mnuchin and Wilbur Ross, Trump pal and confidant Tom Barrack, and billionaire Republican cash cow Steve Schwarzman. Homewreckers also brilliantly weaves together the stories of those most ravaged by the housing crisis. The result is an eye-opening expose of the greed that decimated millions and enriched a gluttonous few.

Product Details

ISBN-13: 9780062869531
Publisher: HarperCollins Publishers
Publication date: 10/15/2019
Pages: 432
Sales rank: 37,961
Product dimensions: 6.20(w) x 8.90(h) x 1.50(d)

About the Author

Aaron Glantz is a journalist at Reveal. His work has sparked more than a dozen Congressional hearings, numerous laws, and criminal probes by the DEA, FBI, Pentagon and Federal Trade Commission. A two-time Peabody Award-winner, finalist for the Pulitzer Prize, multiple Emmy nominee, and winner of the Selden Ring and Alfred I. duPont-Columbia Award, his work has appeared in New York Times, Chicago Tribune, NBC Nightly News, Good Morning America and the PBS NewsHour. His previous books include The War Come Home and How America Lost Iraq. He lives in San Francisco.

Table of Contents

Preface: The American Dream xi

The Homewreckers: A Cast of Characters xxxi

Part I Financial Freedom

Chapter 1 The Salesman 3

Chapter 2 A Squandered Opportunity 21

Chapter 3 A Run on the Bank 29

Chapter 4 Life on Park Avenue 41

Chapter 5 The Vultures Circle 51

Part II Foreclosure Kings

Chapter 6 A Mortgage Discovered 69

Chapter 7 Foreclosure Machine 77

Part III The Greatest Thing I've Ever Done

Chapter 8 ColFin AI-CA5 LLC 105

Chapter 9 Polo Ponies and Wine 115

Chapter 10 For Infinity 129

Chapter 11 Son of a Linen Store Owner 143

Chapter 12 Loading the Boat 159

Chapter 13 Life on a Lease 169

Part IV The New Redlining

Chapter 14 A Bungalow in Los Angeles 183

Part V The Big Flip

Chapter 15 Time to Make a Deal 209

Chapter 16 The Community Fights Back 219

Chapter 17 The New Debt Bundles 235

Chapter 18 Too Big to Fail 245

Part VI Enter the Donald

Chapter 19 An Early Vulture 263

Chapter 20 Trump University 291

Part VII President Trump

Chapter 21 Triumph of the Homewreckers 299

Epilogue: A Path to Shared Prosperity 323

Acknowledgments 331

A Note on the Sources 337

Notes 339

Bibliography 379

Index 383

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