Research and Markets: Confessions of a Subprime Lender: An Insider's Tale of Greed,...

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

DUBLIN, Ireland--(Business Wire)--
Research and Markets
(http://www.researchandmarkets.com/research/4a2d57/confessions_of_a_s)
has announced the addition of the "Confessions of a Subprime Lender:
An Insider's Tale of Greed, Fraud, and Ignorance" report to their
offering.

"Bitner's book conveys the authority of someone who was in the
trenches where this dirty work was going on." -- Newsweek Magazine

With each day bringing new revelations about the economic damage
the mortgage crisis is creating worldwide, this book couldn't be
timelier. Richard Bitner tells the fascinating story of his
disillusionment after owning a sub-prime lending business for five
years. It starts with foreclosing on a borrower he knew shouldn't have
been given a mortgage in the first place (even though the loan fit the
industry's guidelines). He relates the story of his house catching
fire, and how this prompted him to re-evaluate his priorities and sell
his stake in the company just as profits were plummeting and sales
were hitting an all-time high. A year after Bitner bailed, the
industry imploded, and he watched his former company close down.

Woven throughout his personal industry experiences is the
fascinating story of how an industry started out helping disadvantaged
customers buy houses, but soon lost its way due to greed, lack of
financial control, and willful ignorance. This book reveals the truth
about how various parts of the mortgage business yielded to the
temptation to maximize profits, weakening the chain that held the
system together. The book covers:

- What it was like running a sub-prime lending business in an
industry spiraling out of control

- The fact that nearly three out of every four sub-prime mortgages
originated by brokers were misleading or fraudulent, and the tactics
these brokers used to trick lenders and borrowers

- How the sub-prime industry pushed home prices to unsustainable
levels

- How brokers and lenders used creative financing to turn
unqualified applicants into qualified borrowers

- 20 critical changes that must be made to fix the mortgage
industry, including transparent fees, rating agency reform, and the
implementation of new, mandatory licensing requirements for brokers

From borrowers, to brokers, to appraisers, to Wall Street
Investment Banks, Bitner exposes the role that each level of the
hierarchy played -- and the tactics they used -- in bringing on one of
the greatest business disasters in history.

Key Topics Covered:

- Why I Bailed Out of the Industry.

- The Gunslinging Business of Subprime Lending.

- The Underbelly: Mortgage Brokers.

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

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

- How to Fix a Broken Industry.

For more information visit
http://www.researchandmarkets.com/research/4a2d57/confessions_of_a_s.

Research and Markets
Laura Wood
Senior Manager
press@researchandmarkets.com
Fax from USA: 646-607-1907
Fax from rest of the world: +353-1-481-1716

Copyright Business Wire 2008