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Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance | 
 enlarge | Author: Richard Bitner
Publisher: Wiley
Category: Book
List Price: $19.95
Buy Used: $2.74
You Save: $17.21 (86%)
New (40) Used (31) from $2.74
Rating:  35 reviews
Media: Paperback
Pages: 208
Number Of Items: 1
Shipping Weight (lbs): 0.6
Dimensions (in): 8.9 x 6 x 0.6
ISBN: 0470402199
Dewey Decimal Number: 332.7220973
EAN: 9780470402191
Publication Date: June 30, 2008
Availability: Usually ships in 1-2 business days
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| • | ISBN13: 9780470402191 | | • | Condition: New | | • | Notes: BUY WITH CONFIDENCE, Over one million books sold! 98% Positive feedback. Compare our books, prices and service to the competition. 100% Satisfaction Guaranteed |
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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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| Customer Reviews:
Showing reviews 1-5 of 35
insightful June 10, 2010
Sandra M. Brown (Concord, NC USA)
The book assumes too much knowledge on the part of the reader but is not geeky. You can figure terms out as you go along. I found it fascinating from the overall perspective of lending and risk management (for any purpose). Definitely an accessible read for the layperson with at least a little bit of knowledge of the acronyms.
 Right on the Money! May 30, 2010
S. Fisher (Birmingham, AL)
Knowing several people who worked in this business, the author is right on the mark.
 Solid, not brillant and no real confessions January 29, 2009
Richard Gibson (Woodland Hills, CA)
2 out of 2 found this review helpful
The title makes this sound like one of the big bad guys in the sub-prime mess is writing a lurid set of memoirs from his or her jail cell. This book is nothing so stimulating as that. Bitner is a former big corporation finance guy who slummed for a few years as a sub-prime lender. He still thinks of himself as a straight arrow, trying hard to be honest sort of person. What he gives us here is, in part, his story, but in larger part a fairly dispassionate analysis of how the sub-prime lending industry worked and why it blew up.
I know a fair amount about this area, and relatively little of what Bittner said was new to me. For someone entirely new to the area, however, this would be a good introduction. What he says is accurate, as far as it goes, but it is hardly the last word on the subject. His primary weakness is that he does not know much about the industry, beyond his own experience running a small Dallas lending firm. He has basic knowledge about the Wall Street end of the industry, but he was not involved in that side and does not have much to add to what most of us already know.
 You are being suckered!!!! December 17, 2008
Annoyed American (Texas, USA)
2 out of 5 found this review helpful
What is the obsession in this country with wanting to read people's confessions? Why are you giving this greedy jerk MORE of your money? Why are we allowing him to make yet more money on his previous greed? All of these men lack remorse for all of their misdeeds. And yet, you all give him more money for the privilege to read about his stupidity and indiscretions that have ruined our country! Seriously folks! Wake up already. Cut these guys off. Stop allowing people to make money by telling stories of "how I did it". GEEZ!
A Layman's Summary to Subprime December 14, 2008
R. Spell (Memphis, TN USA)
This is not an in depth study of subprime but is a worthwhile "layman's" review. Basically he was a subprime lender who sold his part of the company prior to the collapse. The most worthwhile parts of the book are his overview of the industry and his account of the loosening of underwriting standards that led to more abuse. He gives good accounts of selling a loan, risks to the lender, and how self interests of the parties got in the way of a credible industry.
This is a good book for someone that doesn't understand what happened but doesn't have a large finance background. As a mortgage trader who buys and sells loans, it's not great depth. But, what do I know. I lost plenty of chips in this mess although it now has helped my business as more creditable loans are being sold but in lower quantities.
Showing reviews 1-5 of 35
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