{"product_id":"confessions-of-a-subprime-lender-isbn-9780470402191","title":"Confessions of a Subprime Lender","description":"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 \u003ci\u003eConfessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance\u003c\/i\u003e, 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. \u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003eIntroduction xi\u003c\/p\u003e \u003cp\u003eCHAPTER 1 Why I Bailed Out of the Industry 1\u003c\/p\u003e \u003cp\u003eCHAPTER 2 The Gunslinging Business of Subprime Lending 15\u003c\/p\u003e \u003cp\u003eCHAPTER 3 The Underbelly: Mortgage Brokers 39\u003c\/p\u003e \u003cp\u003eCHAPTER 4 Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing 73\u003c\/p\u003e \u003cp\u003eCHAPTER 5 Wall Street and the Rating Agencies: Greed at Its Worst 103\u003c\/p\u003e \u003cp\u003eCHAPTER 6 Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors 127\u003c\/p\u003e \u003cp\u003eCHAPTER 7 How to Fix a Broken Industry 151\u003c\/p\u003e \u003cp\u003eGlossary 183\u003c\/p\u003e \u003cp\u003eResources 185\u003c\/p\u003e  \u003ci\u003e\"...packed with tales of crooked brokers, deceitful customers, avaricious Wall Street banks and all too obliging credit rating agencies.\"\u003c\/i\u003e (The Guardian, September 19, 2008)  \u003cp\u003e\u003ci\u003e\"If this is even near the truth, it is remarkable...Bitner's book was more firmly rooted in the world we live in.\"\u003c\/i\u003e (Prospect Magazine, October, 2008)\u003c\/p\u003e \u003cp\u003e\u003ci\u003e\"...pulls back the curtain on the players who created the subprime disaster...In a breezy style and from a special vantage\"\u003c\/i\u003e (Pensions World, November 2008)\u003c\/p\u003e  \u003cb\u003eRichard Bitner\u003c\/b\u003e 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.  \u003cp\u003eVisit Richard's blog at www.lendingsanity.com.\u003c\/p\u003e  Real Estate  \u003cp\u003e\u003cb\u003eOne insider's rollercoaster account of the subprime implosion\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRichard 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...\u003c\/p\u003e \u003cp\u003eAs 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.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eConfessions of a Subprime Lender\u003c\/i\u003e 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:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eWhy nearly three out of every four mortgages were misleading or fraudulent\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow unscrupulous brokers tricked lenders and gullible borrowers\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow brokers and lenders turned unqualified applicants into \"qualified borrowers\"\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eWhy Wall Street and the rating agencies are largely to blame for the collapse\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eInterwoven with dramatic personal anecdotes, \u003ci\u003eConfessions of a Subprime\u003c\/i\u003e \u003ci\u003eLender\u003c\/i\u003e explains how the subprime industry blew up and concludes with a comprehensive solution for rebuilding it by forcing changes on all the key players.\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e —Bill Dallas, founder, First Franklin Mortgage, one of America's largest subprime lenders, before it collapsed\u003c\/p\u003e \u003cp\u003e\"This is an in-depth, eye-opening examination of the problems impacting the housing and mortgage markets.\"\u003cbr\u003e —Matthew McIntyre, CEO, Puritan Financial Group, Inc.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988973142245,"sku":"NP9780470402191","price":19.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470402191.jpg?v=1761782269","url":"https:\/\/k12savings.com\/es\/products\/confessions-of-a-subprime-lender-isbn-9780470402191","provider":"K12savings","version":"1.0","type":"link"}