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Confessions of a Subprime Lender - Richard Bitner

Confessions of a Subprime Lender

An Insider's Tale of Greed, Fraud, and Ignorance

(Autor)

Buch | Softcover
204 Seiten
2008
John Wiley & Sons Inc (Verlag)
978-0-470-40219-1 (ISBN)
CHF 25,60 inkl. MwSt
Real Estate One insider's rollercoaster account of the subprime implosion Richard Bitner founded his own subprime mortgage company just as the industry took off. In five years, he watched his company grow from a tiny operation to a booming business. But something wasn't right.
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.

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.

Acknowledgments ix

Introduction xi

CHAPTER 1 Why I Bailed Out of the Industry 1

CHAPTER 2 The Gunslinging Business of Subprime Lending 15

CHAPTER 3 The Underbelly: Mortgage Brokers 39

CHAPTER 4 Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing 73

CHAPTER 5 Wall Street and the Rating Agencies: Greed at Its Worst 103

CHAPTER 6 Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors 127

CHAPTER 7 How to Fix a Broken Industry 151

Glossary 183

Resources 185

Erscheint lt. Verlag 15.8.2008
Verlagsort New York
Sprache englisch
Maße 154 x 230 mm
Gewicht 256 g
Einbandart Paperback
Themenwelt Betriebswirtschaft / Management Spezielle Betriebswirtschaftslehre Bankbetriebslehre
ISBN-10 0-470-40219-9 / 0470402199
ISBN-13 978-0-470-40219-1 / 9780470402191
Zustand Neuware
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