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

ISBN: 978-0-470-40219-1
224 pages
June 2008
Confessions of a Subprime Lender: An Insider
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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Chapter 1. Why I Bailed Out of the Industry.

Chapter 2. The Gunslinging Business of Subprime Lending.

Chapter 3. The Underbelly: Mortgage Brokers.

Chapter 4. Making Chicken Salad Out of Chicken Shit: The Art of Creative Financing.

Chapter 5. Wall Street and the Rating Agencies: Greed at Its Worst.

Chapter 6. Secondary Contributors: The Fed, Consumers, Retail Lenders, Homebuilders, and Realtors.

Chapter 7. How to Fix a Broken Industry.



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Richard Bitner was president and cofounder of Kellner Mortgage Investments, a subprime mortgage company that peaked at sixty-five employees and $225 million in annual loan volume. He is Managing Director for Housing Wire, a leading mortgage industry online publication.

Visit Richard's blog at www.lendingsanity.com.

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"...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)

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