Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance

Editorial Review:

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 Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance, 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.

Customer Reviews:

Avg. Customer Rating: 4.0 / 5.0

Great Book if you want to understand the Mortgage/Real Estate Mess:

This is a great book that explains in detail the excesses of the Mortgage Brokers, Realtors, Appraisers, Investment Firms, Rating Agencies, Lack of Government Oversight (Regulations) and Finally Consumers. The Book gives readers an in-depth view of how all the players manipulated the system to make a quick buck without any regards to the long term health and well being of their corporations/communities and/or fellow citizens. The "Democratization" of Finance is also explained very well in the chapter that... more info

Doesn't get better than this:

To be honest, I was a little skeptical reading a memoir of the mortgage meltdown from a 6'4'' tall subprime lender with a thick goatee. However, after slowly creeping into the tales and unfoldings of Bitner's subprime lending company, my prejudgment began to fade and I was hooked. While allowing a smooth mixture of anecdotes from the subprime industry coupled with detailed descriptions of a few of the first mortgage backed securities which were sold to investment banks, there is a good chance that Bitner's... more info

Descriptive, but lacking:

This book will basically confirm what you already know about Subprime loans, if you believe that lots of people knew the system was broken, but chose to look the other way because it was profitable. The author talks about how the system encouraged and accomodated fraudulent players, while "consciencious" players (such as the author's firm, of course) played by the rules and remained completely above the fray. The author was shocked by the behavior of other subprime middlemen, but his company made millions... more info

prime time truths:

I liked the book, and it reminded me of how greedy and corrupt
human nature has become, all in the name of the almighty dollar.
This has been an extraordinary demonstration of pyramid schemeing
to the nth degree.

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