Tuesday, February 2, 2010

Confessions of a Subprime Lender by Richard Bitner

Just finished up Confessions of a Subprime Lender - An Insider's Tale of Greed, Fraud, and Ignorance by Richard Bitner. This was a subject that I wanted to learn more about as I have heard a lot about this in the news for the past couple of years. This book was very informative, but a little dry. The interesting thing about this subject is there is no specific party or group to lay the blame on for the Subprime Industry and mortgage industry in general. The borrowers, brokers, lenders, Wall Street, rating agencies, appraisers, realtors, home builders and government all played a role in the mortgage meltdown.