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Book: Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance :: Robert Kiyosaki|Books :: Book
Date: Thursday, 20 November, 2008 :: 21:59
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Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance
List Price: USD $19.95
from USD $10.53
Product Group: book
Manufacturer: Wiley
Format: Illustrated
Studio: Wiley
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Editorial Review: Product 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 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.
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Reviews:
Average Customer Review: 
Summary: Blame all around
Date: 2008-10-30 - 
Comment: 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!.
Summary: Wonderful!
Date: 2008-10-24 -
Comment: A wonderful explanation as to how we are in the financial crisis we are in. It was an easy read. I highly recommend it.
Summary: An Inside Look
Date: 2008-10-18 -
Comment: This is the fourth book I have read where greed and avarice equals debacle. Don't we get it yet, or is this just an innate human condition. Richard Bitner takes us on an unbelievable journey through the system that resulted in the subprime implosion. He should know; he worked in the business co-founding the company Kellner Mortgage.
As one reads the book, one gets a better picture of how this debacle is the result of the perfect storm. There is plenty of blame to go around. Here is the list:
* The borrowers who should have know better than take on the risks they did.
* The brokers who were held accountable to no one but themselves.
* The appraisers who inflated property values that lenders accepted.
* The lenders who made crazy loans that shouldn't have been made.
* The rating agencies that were supposed to do what?
* The investment banks who securitized everything into CDO's, CMO's CLO's and who knows what else.
* The financial institutions and other investors who purchased this stuff with little understanding of what they were buying.
* The government that exercised little or no oversight and inhibited regulatory efforts.
Did I miss something - probably. Nevertheless if you want to delve into the machinations of this morass of "greed, fraud and ignorance" as the title of the book suggests, I would recommend this book.
Summary: Great Easy Read
Date: 2008-10-15 -
Comment: Although this book was not as technical or in-depth as I would have liked it to be, I found it interesting and informative nonetheless. Most of the information I knew but I did not realize how involved the rating companies were in this mess as well. What I did not like and it goes for what other people are saying and what other books are saying is the lack of finger-pointing at the homeowners. While some of the elderly people may have been duped, as a RESPONSIBLE (read...did my homework and saved money and did not buy more house than I could comfortably afford) homeowner, I do not feel sorry for the individuals facing foreclosure because they bought a 250,000 dollar house and they only made 35,000 dollars/year and had nothing in savings and no real job security. Then they want my tax dollars to bail them out and help them keep their home, ABSOLUTELY NOT!!!! Honestly, they knew they could not afford to buy that house and were just being greedy, where is the personal responsibility factor in all of this mess????
0 of 1 people found the following review helpful:
Summary: Lucid, informed, and on point
Date: 2008-10-08 -
Comment: I'll cut to the chase. This is one of the best books I have yet read on the subprime mortgage situation. The narrative is clear and specific, explanations sufficient without getting lost in excessive technicalities. The set of recommendations is practical and well based in the author's extensive experience and observations. No one book gives the whole picture, but Confessions of a Subprime Lender should be on every recommended reading list for those interested in the subject, in my opinion. (The Trillion Dollar Meltdown belongs on the same list.)
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The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It
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