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Title: Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance
ISBN: 0470402199
Author:
Richard Bitner
Publicate Date: 2008-06-30
Publish: 2008-06-30
List Price: $19.95
Average Customer Rating: 4.0
Format: Paperback
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Amazon Lowest New Price: $10.58
Amazon Lowest Used Price: $10.68
Amazon Merchant Price: $13.57
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| Customer Review: |
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1: You are being suckered!!!!
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? Why are we allowing him to make yet more money on his previous greed? All of these men lack remorse for all of their misdeeds. And yet, you all give him more money for the privilege to read about his stupidity and indiscretions that have ruined our country! Seriously folks! Wake up already. Cut these guys off. Stop allowing people to make money by telling stories of "how I did it". GEEZ!
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2: A Layman's Summary to Subprime
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. The most worthwhile parts of the book are his overview of the industry and his account of the loosening of underwriting standards that led to more abuse. He gives good accounts of selling a loan, risks to the lender, and how self interests of the parties got in the way of a credible industry.
This is a good book for someone that doesn't understand what happened but doesn't have a large finance background. As a mortgage trader who buys and sells loans, it's not great depth. But, what do I know. I lost plenty of chips in this mess although it now has helped my business as more creditable loans are being sold but in lower quantities.
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3: Absolutely worthwile. An industry exposed by an insider
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. Being a novice to the subject it gave me an incredible amount of insight as to the constituents to the current mess America finds itself in.
A classic example of human greed unchecked.
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4: Excellent Book of Blame...
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 around. Virtually everyone connected with the mortgage industry had some blame.
What I think the book leaves out is the role the government played in forcing companies to make "community" loans or bad loans at the risk of being overrun by activists or having the federal government come down on them.
In all, I think this was an easy to read, simple explanation of what went wrong and how we might avoid it in the future.
Now that you've read the demise of the industry, you'll need to either read the section on how to do a short sale workout with your lender in the short sale section of Loren Keim's book How to Sell Your Home in Any Market: 6 Reasons Why Your Home Isn't Selling... and What You Can Do to Fix Them or you'll have to work on re-establishing your credit by picking up a copy of Clyde Goulet's The Survival Guide To Foreclosure: All the information you need to know to survive a foreclosure, restore your credit, and get back into the ranks of home ownership.
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5: Blame all around
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. Every one in the chain had a hand in the mess. And we'll all have to pay for it!.
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