5/5 Rating
Ok.. This is going to sound really weird but I'm giving this book 5 Stars although it's one of the most difficult uneasy reads I ever picked up. Well, it's not that bad but it's very bad. It literally took me 2 weeks to get through the Introduction. I had to force myself to get through it.
BUT...
Once you do force yourself you will realize this book is loaded with great information. It takes focus to read & digest it with how the material is written. My goal was to learn more about the Mortgage market and how it was created. This book does that but it's written exactly like a textbook thesis authored by Stephen Hawkins.
But if you're patient enough and have enough focus you will learn about the US Mortgage system, Gov't Bailouts and how it was never intended to become what we see now. Thanks to the "Reform Age" the first 30-35 years of the 20th century reform was written by Politicians who were also in bed with Banks. Their idea was that Gov't purpose was to maintain balance amongst the economic sectors of the country. When one industry was failing it was the Gov't job to jump in and help it gain ground again. That sounds all fine and dandy but you now have to take into consideration corruption. Whenever trouble reared it's head it was the Gov't that flew in and put a band aid on everything. But in this case, the Gov't idea was to "help" the farmers, lumberers, builders, banks, and ultimately themselves. They did this by providing guarantees to Banks to provide mortgages to farmers and those in need of housing. Albeit Banks hated dealing with mortgages. They loathed it. Most of their products at the time were quick loan types or loans that helped farmers get through a season with equipment or cattle. Nothing long term at all. But thanks to the United States and their guaranteed backing of these "Decade long "Mortgages" it all of a sudden became their best and most profitable Loan product. It's funny to see that at the turn of the century mortgages were only $65-85 bucks.. Picture that...
It was amazing how the Great Depression and FDR's New Deal spawned tons of Gov't agencies that seem to be strongholds in American society today and it all stemmed from the Politicians need to for Gov't to interject themselves into this Capitalist economy.
The book has a lot of great info, but it is NOT an easy read in the slightest. I put this book down MANY times and started a new book. I forced myself to get through 80% of it and that was a challenge. |
Pros
Very well researched
Tons of info
Cons
After reading a few pages you will want to put this book down. It was not an easy read.
It did NOT have to be written like this. Just disseminate the info and we'll be happy.
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