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"...packed with tales of crooked brokers, deceitful customers, avaricious Wall Street banks and all too obliging credit rating agencies." (The Guardian, September 19, 2008)
"If this is even near the truth, it is remarkable...Bitner's book was more firmly rooted in the world we live in." (Prospect Magazine, October, 2008)
"...pulls back the curtain on the players who created the subprime disaster...In a breezy style and from a special vantage" (Pensions World, November 2008)
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...
As housing prices skyrocketed, Bitner watched greed and fraud overtake the industry. Eventually, he became disenchanted after foreclosing on a subprime borrower who was given a legitimate, industry-standard mortgage—a loan Bitner realized never should have been made. Seeing the ugly writing on the wall, he sold his stake in the business before the industry imploded under a mountain of bad debt.
Confessions of a Subprime Lender pulls back the curtain on the players who created the subprime disaster, including brokers, lenders, Wall Street investment firms, and rating agencies who worked the system to their advantage. From his unique perspective as a subprime lender, Bitner reveals:
Why nearly three out of every four mortgages were misleading or fraudulent
How unscrupulous brokers tricked lenders and gullible borrowers
How brokers and lenders turned unqualified applicants into "qualified borrowers"
Why Wall Street and the rating agencies are largely to blame for the collapse
Interwoven with dramatic personal anecdotes, Confessions of a Subprime Lender explains how the subprime industry blew up and concludes with a comprehensive solution for rebuilding it by forcing changes on all the key players.
"Bitner's thorough review of the subprime lending industry provides a behind-the-scenes look at the mortgage mess. From the broker on Main Street to the investor on Wall Street, it's an unabridged version of what went wrong and how it needs to be fixed."
—Bill Dallas, founder, First Franklin Mortgage, one of America's largest subprime lenders, before it collapsed
"This is an in-depth, eye-opening examination of the problems impacting the housing and mortgage markets."
—Matthew McIntyre, CEO, Puritan Financial Group, Inc.
This may only be one man's opinion of the entire Subprime industry, but it's a fantastic primer for somebody who has little knowledge of finance. Read morePublished 19 months ago by Andrew
Confessions... contains seven chapters (get it- as in Chapter 7 of the US Bankruptcy Code?!?) that delve into a witty, somewhat light-hearted and often comical examination of a... Read morePublished on February 23, 2012 by Gregory McMahan
The book assumes too much knowledge on the part of the reader but is not geeky. You can figure terms out as you go along. Read morePublished on June 10, 2010 by Sandra M. Brown
Knowing several people who worked in this business, the author is right on the mark.Published on May 30, 2010 by S. Fisher
What is the obsession in this country with wanting to read people's confessions? Why are you giving this greedy jerk MORE of your money? Read morePublished on December 17, 2008 by Annoyed American
This is not an in depth study of subprime but is a worthwhile "layman's" review. Basically he was a subprime lender who sold his part of the company prior to the collapse. Read morePublished on December 13, 2008 by R. Spell
I really enjoyed reading this book.
In an easy-to-read style the author takes the reader on a road down the gory details of the subprime lending industry. Read more
I disagree with some of the critics about this book. I read the original version early this year, and I thought it spelled out very nicely that there was plenty of blame to go... Read morePublished on November 28, 2008 by Robert Wilfinger
Well written, informative and authoritative view of the real estate fiasco. There is enough blame to go around from the buyer all the way to the top. Read morePublished on October 30, 2008 by Grandpa D