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

3.31 of 5 stars 3.31  ·  rating details  ·  67 ratings  ·  15 reviews
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 ho ...more
Paperback, 186 pages
Published June 1st 2008 by John Wiley & Sons
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Sharon
Oct 31, 2008 Sharon rated it 5 of 5 stars
Recommends it for: to EVERYONE & ANYONE
Recommended to Sharon by: daily show, jon stewart
I give this five stars for several reasons:
This is a clear & concise description of just how screwed up this industry was(is).
This is well written- the author was involved in the industry, and he tells it like a story that involves numbers.
This has a point- he pulls no punches on people's ignorant and/or dishonest behavior, and he points out the industry's efforts to resist regulation.
This book is extremely timely- the perfect book for these times.

Read it.
Mike
Bitner does a fine job explaining in 170 quick-to-read pages how each of the players in the housing industry contributed to the unprecedented run-up in housing prices during the Bush presidency. I would recommend this book to anyone who wants at least a cursory background in how the mortgage lending market operated very recently. Bitner also does a good job balancing the various parties' responsibility for the current housing crisis; while he acknowledges that borrowers have some responsibility, ...more
Patrick
This review has been hidden because it contains spoilers. To view it, click here.
Simmoril
Like most other people, I'd seen a plethora of news stories talking about the 'subprime mortgage crisis. Not being a homeowner myself, I didn't really understand what was going on, so I picked up Confessions of a Subprime Lender to try and learn more about what was going on.

Bitner's book takes an in-depth look at the causes of the mortgage crisis. His analysis extends to pretty much everyone involved in the process, from the borrowers themselves, to the brokers, the lending firms, as well as the
...more
Nate Cooley
Bitner's book is a fascinating insider's look into how the subprime mortgage market works.

In reading this book, it becomes painfully obvious that the blame for the current meltdown should be spread out across the board ... From irresponsible and greedy brokers, to lenders who formulated and offered headscratching subprime programs, to institutional lenders who spurred on the brokers and smaller lenders, to Wall St. investment firms who purchased, packaged, sliced, and sold the mortgages, to the
...more
Wellington

Judging from the title, I expected a more personal take. Sans a couple mentions of how his personal house catching on fire could be an omen, most of the book focused on understanding the causes and catalysts of the mortgage crisis.

Years from now, I imagine people will still be arguing on the causes and catalysts of the mortgage crisis. It's more complicated probably than any of us normal people can comprehend. This book attempts a balanced and basic course educate the reader. It's a valiant try
...more
Katherine
This isn't a book you read for the writing, nor for the depth of thought put into the analysis. This was clearly a book timed to ride the wave of the subprime crisis. It was originally self-published and then was picked up by a publisher, and it reads like it could have used a lot more polishing. That said, this is a pretty good primer for someone who wants to learn about the mortgage industry from the borrower level up, and it was a refreshing change from all the financial industry focused mate ...more
Kyle Worthy
Why the economy collapsed
Alexander
A decent overview of the subprime lending industry and the practices that led to its current state. As someone who was already passingly familiar with the industry before reading this book, I found the technical exposition boring; I was hoping for more "confessions".
Jenny Flohre
Very informative and appalling! If you ever wondered how the housing collapse occurred, this is a great breakdown from an insider.
Krista Bolan
It was a bit over my head at times but did clear up some of my confusion on how all this worked.
ej cullen
How we got into this mess. When there's no oversight, anything goes, and did.
Patricia Phelan
Oct 07, 2008 Patricia Phelan rated it 4 of 5 stars
Recommends it for: anyone
Easy to read, very informative about how the whole subprime mess happened.
Jed Nicholls
Excellent read, very informative
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“If you hang around the subprime lending business long enough, you'll meet your share of interesting borrowers: strippers, cons, pimps, thugs and various other upstanding citizens of the community. These were not out typical customers. But if a borrower has credit problems and a checkered past, employment gaps and income from unverifiable sources, he usually ends up talking with a subprime lender.” 0 likes
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