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

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Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance
by Richard Bitner
from Wiley

Customer Reviews:

• Avg. Customer Rating: 4.0 / 5.0

• 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.

• Layman's book for understanding Subprime and how the mortgage markets work
  If you want to understand the current Subprime crisis, this is the book for you. I was trying to find some books in Jun 2008 on this Subprime and Credit Crisis topics since from reading the daily news on this, I didn't have a clue what is subprime, prime and all these.
  At that time, I found only this book on the topic of Subprime, which was just published 1 week ago then. I was skeptical of this book, but had no choice but to try this book.
  I am glad i picked it up. The best thing about this book... more info

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