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CONFESSIONS OF A SUBPRIME LENDER
By: Richard Bitner
An Insider's Tale of Greed, Fraud, and Ignorance
Wiley
July 2008
On Sale: June 30, 2008
208 pages
ISBN: 0470402199
EAN: 9780470402191
Paperback
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Non-Fiction
"Bitner's book conveys the authority of someone who was in the trenches where this dirty work was going on." -- Newsweek Magazine With each day bringing new revelations about the economic damage the mortgage crisis is creating worldwide, this book couldn't be timelier. Bitner tells the fascinating story of his disillusionment after owning a sub-prime lending business for five years. It starts with foreclosing on a borrower he knew shouldn't have been given a mortgage in the first place (even though the loan fit the industry's guidelines). He relates the story of his house catching fire, and how this prompted him to re-evaluate his priorities and sell his stake in the company just as profits were plummeting and sales were hitting an all-time high. A year after Bitner bailed, the industry imploded, and he watched his former company close down. Woven throughout his personal industry experiences is the fascinating story of how an industry started out helping disadvantaged customers buy houses, but soon lost its way due to greed, lack of financial control, and willful ignorance. This book reveals the truth about how various parts of the mortgage business yielded to the temptation to maximize profits, weakening the chain that held the system together. The book covers: -
What it was like running a sub-prime lending business in an industry spiraling out of control -
The fact that nearly three out of every four sub-prime mortgages originated by brokers were misleading or fraudulent, and the tactics these brokers used to trick lenders and borrowers -
How the sub-prime industry pushed home prices to unsustainable levels -
How brokers and lenders used creative financing to turn unqualified applicants into qualified borrowers -
20 critical changes that must be made to fix the mortgage industry, including transparent fees, rating agency reform, and the implementation of new, mandatory licensing requirements for brokers From borrowers, to brokers, to appraisers, to Wall Street Investment Banks, Bitner exposes the role that each level of the hierarchy played -- and the tactics they used -- in bringing on one of the greatest business disasters in history.
 Media BuzzLou Dobbs Tonight - March 5, 2009
Anderson Cooper 360 - February 19, 2009
Daily Show with Jon Stewart - July 21, 2008
Early Show - July 16, 2008
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