Confessions of a Subprime Lender:
An Insider's Tale of Greed, Fraud & Ignorance
Richard Bitner pulls the curtain back to reveal the inner workings of the mortgage industry and explain why the housing crisis is much worse than people think. As he chronicles the rise and fall of his subprime mortgage company, he exposes all of the players in the mortgage industry food chain and reveals:
- How nearly three out of every four subprime mortgages originated by brokers were misleading or fraudulent, and which tactics they used to trick lenders and borrowers.
- How the subprime industry played a major role in pushing home prices to unsustainable levels.
- How brokers and lenders used creative financing techniques to turn unqualified applicants into qualified borrowers.
- How the conflicted relationship between Wall Street and the rating agencies is largely to blame for the collapse of the mortgage industry.
- How a comprehensive solution that addresses every level of the food chain is the key to fixing the mortgage industry.
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