A few months ago, Richard Bitner mailed me, The Mortgage Cicerone his recently finished book, Confessions of a Subprime Lender – An Insider’s Tale of Greed, Fraud and Ignorance.” Truthfully, I thought it was going to be another pulp-sensationalized Housing Bubble book…boy was I wrong!
The further I got into the book, the more I was struck with Richard’s thorough understanding of the subprime mortgage industry and his excellent explanation of how the overly simplistic/optimistic financial models and presumptions of both lenders and investment bankers brought about the current market environment we are now experiencing.
While Confessions of a Subprime Lender – An Insider’s Tale of Greed, Fraud and Ignorance.” is only 195 pages, Bitner will provide you an in-depth and behind the scenes view of what impacted the real estate and mortgage markets.
Bottom line, this book is well written and a “must read” for those people who really want to understand what is currently happening to the mortgage market and its effect on the national economy. In my humble opinion, if you don’t read this book, you are not serious about understanding the industry and market in which you are currently employed.
Enjoy – Larry Gallegos