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

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

by Richard Bitner (Author)
4.0 out of 5 stars  See all reviews (1 customer review)
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Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance + The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do About It + The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy
Price For All Three: £31.26

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Product details

  • Paperback: 208 pages
  • Publisher: John Wiley & Sons (15 Aug 2008)
  • Language English
  • ISBN-10: 0470402199
  • ISBN-13: 978-0470402191
  • Product Dimensions: 22.6 x 15.2 x 1.5 cm
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon.co.uk Sales Rank: 339,938 in Books (See Bestsellers in Books)

    Popular in these categories:

    #4 in  Books > Business, Finance & Law > Personal Finance > Property & Real Estate > Mortgages
    #18 in  Books > Business, Finance & Law > Personal Finance > Mortgages
  • See Complete Table of Contents

Product Description

Review

"...packed with tales of crooked brokers, deceitful customers, avaricious Wall Street banks and all too obliging credit rating agencies." (The Guardian, September 19, 2008)

"If this is even near the truth, it is remarkable...Bitner′s book was more firmly rooted in the world we live in." (Prospect Magazine, October, 2008)

"...pulls back the curtain on the players who created the subprime disaster...In a breezy style and from a special vantage" (Pensions World, November 2008)



Review

“…reveals the insider truth about how various parts of the mortgage business yielded to the temptation to maximise profits…”  HerelsTheCity.com Thursday 14 August 2008

"For a racier read, Richard Bitner′s Confessions of a Subprime Lender is hard to beat." (Sunday Times Ireland Edition, December 14th 2008)

 


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Front Cover | Copyright | Table of Contents | Excerpt | Back Cover
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4.0 out of 5 stars What really happened in the US sub-prime market, 8 Nov 2008
There are many books and articles about how multinational banks and governments got it all wrong, and describing with great complexity and much jargon how toxic debt was repackaged and resold around the world.

This book is about how the debt became toxic in the first place - by lending money to people who couldn't afford to borrow it - and why sensible mortgage lenders acted as they did. At this level, all the motivations that made bankers make such bad decisions (greed, self-delusion, inadequate controls, political pressures) are there, but at a scale that is much easier to visualise and to understand.

And it is a good read - well-written by someone who is not just doing a bit of journalism and research, but is also telling of his own experiences as well with what seems to be a good deal of honesty.

Do read the books about high-banking and SIVs and the markets for ABSs and CDOs. But also read this one - the other half of the story.
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