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Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance
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Binding: Paperback
Dewey Decimal Number: 332.7220973
EAN: 9780470402191
ISBN: 0470402199
Label: Wiley
Manufacturer: Wiley
Number Of Items: 1
Number Of Pages: 208
Publication Date: June 30, 2008
Publisher: Wiley
Studio: Wiley
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Editorial Review:
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.
Customer Reviews
Average Rating: 
Rating:  - Doesn't get better than this
To be honest, I was a little skeptical reading a memoir of the mortgage meltdown from a 6'4'' tall subprime lender with a thick goatee. However, after slowly creeping into the tales and unfoldings of Bitner's subprime lending company, my prejudgment began to fade and I was hooked. While allowing a smooth mixture of anecdotes from the subprime industry coupled with detailed descriptions of a few of the first mortgage backed securities which were sold to investment banks, there is a good chance that ... Read More
Rating:  - Descriptive, but lacking
This book will basically confirm what you already know about Subprime loans, if you believe that lots of people knew the system was broken, but chose to look the other way because it was profitable. The author talks about how the system encouraged and accomodated fraudulent players, while "consciencious" players (such as the author's firm, of course) played by the rules and remained completely above the fray. The author was shocked by the behavior of other subprime middlemen, but his company made millions ... Read More
Rating: - prime time truths
I liked the book, and it reminded me of how greedy and corrupt
human nature has become, all in the name of the almighty dollar.
This has been an extraordinary demonstration of pyramid schemeing
to the nth degree.
Rating: - Layman's book for understanding Subprime and how the mortgage markets work
If you want to understand the current Subprime crisis, this is the book for you. I was trying to find some books in Jun 2008 on this Subprime and Credit Crisis topics since from reading the daily news on this, I didn't have a clue what is subprime, prime and all these.
At that time, I found only this book on the topic of Subprime, which was just published 1 week ago then. I was skeptical of this book, but had no choice but to try this book.
I am glad i picked it up. The best thing about ... Read More
Rating: - Confessions of a Subprime Lender
Am in the process of reading this book. So far, I like it. The writer uses humor to get his point across, and it adds to the quality of the book. The old saying, If I don't laugh, I'll cry, certainly applies here.
Recommend it.
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