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The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis Hardcover – October 26, 2010

by Michael W. Hudson (Author)

4.3 67 ratings

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Who killed the economy?

A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history

"It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it."

The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department."

In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans.

It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed.

Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

Print length

384 pages
Language

English
Publisher

Times Books
Publication date

October 26, 2010
Dimensions

6.44 x 1.31 x 9.59 inches
ISBN-10

0805090460
ISBN-13

978-0805090468
See all details

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Editorial Reviews

From Booklist

Hudson, a former Wall Street Journal reporter who now covers business and finance for the nonprofit Center for Public Integrity, delivers a chilling account of the subprime-loan scandal, which nearly brought down the U.S. and global economies. Starting at ground zero of the scandal—Orange County, California (“Con men hate snow,” one Wall Street Journal reporter put it)—Hudson runs his exposé through its principal players: big-time lenders like Roland Arnall and Russ and Becky Jedinak, juiced-up salespeople who worked for such dubious lenders, Wall Street brokerage houses that supercharged the loans, politicians who weakened once-tough lending laws, and finally, most tragically, the victims themselves. As appalling as it is informative, Hudson’s tale, which hasn’t ended by a long shot, should find a large readership. --Alan Moores

Review

Magnificently and heartbreakingly told. . . . What I appreciated most about this tremendous, well-documented book is that it shows vividly that really filthy, face-to-face fraud and hard-sell bullying are the original ingredients, the required counters, in the increasingly abstract financial instruments that brought the economy down around our ears. (The Boston Globe)

Whereas much of the reporting of the economic meltdown has been focused on Wall Street, Hudson has a talent for describing what was happening on the ground. He takes us on a tour of the financial carnival tent pitched by subprime factories like Ameriquest… Did some people borrow beyond their means? Certainly. But as Hudson demonstrates, the public was no match for an industry that lived off deceit fueled by Wall Street. (Time Magazine)

As engagingly written as Michael Lewis' The Big Short (which chronicles the struggles the winners endured during the last bubble), as caustic and trenchant in its analysis of the dotty economic theories that underpin our bubble economy as Yves Smith's ECONned; and at least as cogent of the big-picture power politics as Simon Johnson's 13 Bankers, The Monster also does what those books don't: It reveals the inner lives of both the victims and the perpetrators of predatory lending. (Baltimore City Paper)

Hudson's book is a guide to the worst excesses of the mortgage business . . . [and offers] a deeper, truer understanding of the many-headed subprime monster. . . . [The Monster] succeeds by entertaining us with behind-the-scenes moments and personal stories from people trading their ethics for all-expenses-paid trips to Hawaii. (The Seattle Times)

Terrifically readable. . . . Hudson gives readers piercing insight into the booze, broads and cocaine that fueled the buccaneers in the mortgage game. . . . Though I thought myself too old to be shocked, the revelations here shocked me. Read it and weep. (Chico News & Review)

Michael W. Hudson's book-length investigative journalism piece on the subprime meltdown, The Monster, is both a brilliant example of skeptical business journalism done right, and a brilliant example of the storyteller's art… Hudson's book is a model for excellent investigative journalism. It's a book that should be required reading for anyone who says that the economic crisis was caused by greedy mortgage-takers who spent too loosely with their credit cards. (BoingBoing.com)

Essential reading for anyone concerned with the mortgage crisis. (Library Journal)

A chilling account of the subprime-loan scandal. . . . As appalling as it is informative, Hudson's tale, which hasn't ended by a long shot, should find a large readership. (Booklist)

Hudson is a master of context, supplying the pre-1990s history within the mortgage-lending business, Wall Street and the government-regulation realm. A knowledgeable, clearly written exposé. (Kirkus Reviews)

Mike Hudson is a terrific journalist and an even more engaging writer. The Monster is as captivating as it is deep, not 5,000 feet but 10,000. The book is a down-to-the-bone account of the genesis of the financial crisis and paints a visceral picture of the structural deficiencies in our financial system. Lehman Brothers failure is 10x Enron and 100x Long Term Capital Management. We cannot afford not to learn from the valuable lessons in this book. (Lawrence G. McDonald, co-author of A Colossal Failure of Common Sense)

Buy this book because Mike Hudson is a terrific reporter. Buy it because Hudson tells a vital and underreported story that somehow most every other journalist seemed to miss. But mainly you should buy and devour The Monster because it's a great read, a page turner in the fashion of the best true-crime non-fiction. (Gary Rivlin, author of The Plot to Get Bill Gates and Broke, USA: From Pawnshops to Poverty, Inc--How the Working Poor Became Big Business)

The Monster reads like chilling and compelling fiction. But the facts are true and the story is all too real. Millions of Americans were ripped off by devious people in pursuit of ever more profit, but that is not the biggest scandal. Amazingly, we have still not fixed the underlying problems of incentives, attitudes, and beliefs in our financial system. If we continue to shy away from real reform, American families are doomed to run repeatedly through some version of this awful cycle. (Simon Johnson, coauthor of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown)

How did we get in this mess? Michael W. Hudson's The Monster is a haunting, horrifying account of corporate skullduggery -- from the unregulated bucketshops of California to the hallowed halls of Lehman Brothers. No other book or article I have read so clearly identifies the human weaknesses and institutional frailties that created the worst financial scandal in American history. Hudson was one of the first investigative reporters on this story and he is still the best at tracking a nationwide collapse down to its first forged signature. (Elizabeth Mitchell, former executive editor of George Magazine and author of W: Revenge of the Bush Dynasty)

Product details

Publisher ‏ : ‎ Times Books; First Edition (October 26, 2010)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 384 pages
ISBN-10 ‏ : ‎ 0805090460
ISBN-13 ‏ : ‎ 978-0805090468
Item Weight ‏ : ‎ 1.41 pounds
Dimensions ‏ : ‎ 6.44 x 1.31 x 9.59 inches

Best Sellers Rank: #1,930,961 in Books (See Top 100 in Books)
- #557 in Mortgages (Books)
- #1,342 in Banks & Banking (Books)
- #2,843 in Company Business Profiles (Books)

Customer Reviews:
4.3 67 ratings

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Michael W. Hudson

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Michael Hudson is a Pulitzer-Prize winning investigative journalist. His two decades of work on mortgage and banking fraud has prompted media observers to call him the reporter "who beat the world on subprime abuses," the "guru of all things predatory lending" and "the Woodward/Bernstein of the mortgage crisis."

He is currently head of U.S. investigations for the Guardian. He previously served two stints as a senior editor with the International Consortium of Investigative Journalists. At ICIJ, Hudson has worked on many major projects, including the organization's Offshore Leaks, China Leaks, Luxembourg Leaks, Panama Papers, Paradise Papers and FinCEN Files investigations of offshore money laundering and tax avoidance. He was an editor, reporter and writer on the Panama Papers investigation, which won the 2017 Pulitzer Prize for explanatory reporting.

In between his two tours at ICIJ, Hudson worked as global investigations editor at The Associated Press, where he edited the AP's investigation of war crimes and corruption in Yemen, which won a 2019 Pulitzer Prize for International Reporting.

His reporting has also been published in Forbes, the New York Times, the Los Angeles Times, the Washington Post, Mother Jones, Le Monde, El Pais, The Sydney Morning Herald and other publications.

Along with the Pulitzer Prize, his work has won many other honors -- including five Investigative Reporters and Editors Awards, four George Polk Awards, three SPJ Awards and two Overseas Press Club Awards as well as accolades from the National Press Club, the White House Correspondents' Association, the American Bar Association, New York Press Club and the New York State Society of CPAs. His 2011 series of stories for the Center for Public Integrity, "The Great Mortgage Cover-Up," was selected to appear in Columbia University Press's Best Business Writing 2012 and won two awards from the Society of American Business Writers and Editors.

He edited and was co-author of the award-winning book Merchants of Misery and appeared in the documentary film Maxed Out. His latest book, THE MONSTER: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis, was named 2010 Book of the Year by Baltimore City Paper and called "essential reading for anyone concerned with the mortgage crisis" by Library Journal.

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Book Shark

Excellent!

Reviewed in the United States on June 12, 2011

Verified Purchase

The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America - and Spawned a Global Crisis by Michael W. Hudson

"The Monster..." is the page-turning expose of the subprime mortgage business. Award-winning reporter Michael W. Hudson narrates a fascinating web of deception that was infuriatingly targeted against the most vulnerable of our society. It describes the scoundrels and their methods. This 384-page book is composed of the following fifteen chapters: 1. Godfather, 2. Golden State, 3. Purge, 4. Kill the Enemy, 5. The Big Spin, 6. The Track, 7. Buried, 8. Boil, 9. The Battle for Georgia, 10. The Trail, 11. Feeding the Monster, 12. Chimera, 13. The Investigators, 14. The Big Game, and 15.Collapse.

Positives:
1. A top-notch book that is well-researched and well-written.
2. An accessible book for the masses. It's not a technical book, the stories, narrations drives this book.
3. Reads like a very good novel in which the criminals and victims lives are intertwined by events. The characters and their roles comes to light.
4. This book totally changed my perception of how predatory lending went down. Fascinating and upsetting at the same time.
5. Predatory business model illustrated.
6. Wall Street's main villain, Lehman. Their role and impact.
7. The subprime abuses of Roland Arnall of Ameriquest.
8. The impact of politics in the deregulatory business.
9. The essence of the subprime business explained. Educational indeed.
10. Mr. Hudson makes it fairly clear, first of all, predatory lending was a crime that was perpetuated against the most vulnerable of our society. Secondly, it was mainly refinancing loans. In other words, they targeted the elderly and minorities who already owned homes and had enough equity to make the crime work. Sickening!
11. The book contains so many interesting and sad stories of victims of predatory loans.
12. Predatory lending was not just limited to loans with bad terms but outright fraud to get the approval of said loans in the first place. The book relays how one manager figured that $75 million out of the $90 million in mortgages he sold contained some sort of "material fraud".
13. Prudential's role in the subprime business.
14. The role of "securitization" in the subprime business.
15. Thought-provoking quotes, "If you don't believe in the product you're selling, he thought, you're just a con artist".
16. The stories of the rise and fall of many subprime institutions: FAMCO, Keystone to name a few.
17. The Federal Trade Commission was the only federal agency that showed concern about mortgage lending abuses.
18. The fascinating inside look at the investigations of predatory lenders and the outcomes.
19. The realization that in the banking industry, crime may in fact pay...
20. Fascinating facts throughout book. The dollar amounts are mind-blowing.
21. The fact that the lenders portrayed in the book seldom lowered people's rates and almost always put them in worse positions.
22. The rise and fall of Alan Greenspan.
23. Mr. Hudson makes the compelling argument backed by strong examples that the main blame of the subprime crisis falls on Wall Street and the institutions that designed the evil schemes that defrauded millions of borrowers.
24. How the subprime predatory practices impacted us all.
25. The main culprits of the subprime mortgage catastrophe.
26. How Richard Fuld and other top executives of Lehman represented the predatory lending fraud and paid themselves handsomely while their companies deteriorated.
27. A where are they now closing chapter that neatly ties everything up at the end.
28. An interesting read throughout.

Negatives:
1. Notes are not linked!
2. With so many players involved, it's easy to get lost at times.
3. Charts or illustrations would have added value.
4. I would have liked a little more on CRA and the political blame game.

In summary, I thoroughly enjoyed this book. It provided much needed education on this important topic of subprime mortgages and in doing so changed my perception on who was mainly to blame. A very accessible and enlightening book, I highly recommend it!

Further suggestions: "Perfectly Legal..." by David Cay Johnston, "War on the Middle Class..." by Lou Dobbs, "Screwed: The Undeclared War Against the Middle Class" by Thom Hartmann, "The Fifteen Biggest Lies About the Economy" by Joshua Holland, and "The Looting of America..." by Les Leopold.

13 people found this helpful

Helpful

mike

A good micro view of the history of subprime mortgages

Reviewed in the United States on November 10, 2010

Verified Purchase

This is an interesting history of the development of the sub-prime mortgage bubble. Compelling narratives and good information, told in a series of character profiles. It is an excellent start for anyone wanting to understand how we got into our current financial mess, and for anyone questioning whether Lehman should have been bailed out.

While this is an excellent micro perspective, it is weak on the broader perspective. There is little explanation of how broader economic issues affected or were affected by subprime mortgages. Although Hudson explains in exquisite detail how individuals were defrauded by hard-sale techniques, he does not explain how the supbrime securitization system could have run for so long (over 10 years), if so many people were put into mortgages they could not afford to pay and thus would have quickly defaulted on. All bubbles burst, as the housing bubble did, when interest rates rise and running debts cannot be turned over. Hudson provides virtually no discussion of this aspect of the history. For that, one is better off reading "This Time Is Different."

Hudson also simplistically paints all republicans as villains and all democrats as dupes at worst. That is lazy and inaccurate. Also, in Hudson's telling, free-market advocates are nothing but shills for evil corporate interests who are just looking for another way to screw the unsuspecting poor out of their pittances. That is cartoonishly simplistic. Those weaknesses are easy to skip over, however, and they do not interfere with the heart of the book, which is a well told narrative of the characters involved.

The Kindle version works well, although the publisher decided not to use footnotes or any other indication of what material is included in the endnotes. Use hyperlinked footnotes!

13 people found this helpful

Helpful

J Gwinn

The FIRE sector rules.

Reviewed in the United States on November 22, 2010

Verified Purchase

The title says it all. Hudson does a great job of describing how Brokers, Mortgage Lenders & Wall Street firms deceived both customers & investors.

To put Hudson work into context at the macro level..What were the three things which enabled the whole ripoff to take place? (1) An easy money policy by the Federal Reserve (2)The "Big Three" rating agencies giving stellar ratings to junk derivatives (3) No Assignee Reponsibility to hold any interest reponsible for the toxic investments they peddled. The true genius of the whole ponzi scheme went something like this.. Bundeling crappy loans with few more good ones by "securitizing"..then passing it off as low risk investment grade stuff by the prestigiuos rating agencies (which earn fees from the same Wall Street clients which packaged the garbage).. ultimately offloaded onto the public..Then a political sales job by mainstream Dems & Republicans alike which attempted to convince the public that "we the people" must subsidize those poor ole Wall Street banks & well connected Hedge Funds/Private Equity firms by swapping US Treasuries for the junk derivatives they were left holding. Blowing smoke up the public's *** by saying the junk mortgages will somehow turn into investment grade stuff... What a joke.

6 people found this helpful

Helpful

Top reviews from other countries

Jill van Vucht

Eye opener

Reviewed in Australia on October 21, 2016

Verified Purchase

Greed and despicable business practices. Here in Australia we were somewhat shielded but
PREDATORY LENDING goes on I fear here too today.

DOPPLEGANGER

A TALE OF ABSOLUTE CORRUPTION & UNBRIDLED GREED

Reviewed in the United Kingdom on August 5, 2012

Verified Purchase

"The Monster", is a concise, factual, unbiased, highly readable tale of the shameful sub-prime 'mugging' of the weak, aged, infirm and underprivileged classes in American society. These heinous acts were perpetrated by ultra greedy and largely unprincipled and certainly devoid of a conscience, entrepreneurs looking to make a fast fortune,and their motley array of staff generally only interested themselves in making a 'quick buck' whomever gets hurt, Wall Street Bankers determined to get on the perceived 'money train', and politicians, themselves financially beholding to the big companies involved.

Michael W Hudson gives details of many, many cases of loans made or forced on people, who could not afford the repayments because of little or no income, were charged exceptionally high front-end fees of anything up to 25% of the loan, against false company inflated property values, lied to about the interest rates, and inevitably lost their homes through foreclosure. The cheating, fraud, and downright criminality that many sub-prime lenders carried out was in epidemic proportions, condoned and indeed encouraged by the company owners and executives, and was ignored or received the 'nod' from politicians. Even Alan Greenspan, Chairman of The Federal Reserve Bank was to his eternal shame a supporter of not curbing the free-wheeling sub-prime rip-off.

The roll call of the most 'greed motivated' players included Roland Arnall of Ameriquest, Brian Chisick of First Alliance Mortgage Company and Angelo Mozilo of Countrywide, and Wall Street Banks such as Lehman Brothers and Citicorp. Roland Arnall, in particular fleeced billions of dollars personally from the poor and disadvantaged but because of generous political donations was not curbed by a hardening of anti sub-prime legislation, even though widespread media coverage of the criminality was available, and was can you believe it even honoured by President Bush with being appointed the USA Ambassador to The Netherlands?

Reading this excellent book makes one incredulous and sad as to how this was allowed to continue blighting the lives of millions of homeowners and becoming the touchpaper that ignited the catastrophic credit crunch inferno that very nearly brought the global monetary system to it's knees and has led to a worldwide recession with all its accompanying financial hardships and unemployment to pile on top of foreclosures and homelessness. These foolish, negligent and wholly inaccurate ratings were instrumental in inducing financial institutions, pension funds and the like, to buy Collateralized Debt Obligations by the $billions and, of course incur losses by the $billions, severely impacting on the shareholders, and investors, including millions of 'Joe-Public' hoping to build up their hard earned savings for health costs and retirement etc.

Any sympathy that remained with me for the demise of Lehman Brothers has been well and truly booted out the window as the revelations in this book clearly and unarguably show that this bank was up to it's armpits in the sub-prime mire, and allowed its thirst for profits at any cost without any moral circumspection to pave the way for massive losses for it's shareholders and creditors, and ultimately bankruptcy. That it served the bank right, is no consolation to the thousands of loyal, hard working staff, who were not part of the sup-prime 'muggings' , who lost their jobs and accrued share incentives.

The Author has a unique 'journalistic' talent for recent economic history and I look forward to his next book - which I hope will not be too long in being published. Perhaps an expose of the scandalous role played by the Credit Rating Agencies for the cretinously high ratings given by them to vast quantities of Collateralized Debt Obligations that contained absolutely toxic and obviously 'bound-to-default' loans?

3 people found this helpful

Blueboy

A tale of fast talk and slow clientsp

Reviewed in the United Kingdom on May 31, 2017

Verified Purchase

As a mortgage adviser that worked in some of the period covered, albeit in England, it isn't as shocking as it may be to 'civilians'. A cautionary tale of greed and ignorance, which fed the greatest borrowing boom in history.

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