A subprime lender spills the beans
The book I’m referring to might be a little dated at this point. The copyright for the book was 2008 and the author, Richard Bitner, appeared on The Daily Show on July 21, 2008.
But that doesn’t matter; the book is called Confessions of a subprime lender : an insider’s tale of greed, fraud, and ignorance and it is a fantastic look at what was going on in the subprime mortgage industry before “subprime” took its place as a four-letter word in the national lexicon.
Bitner was one of those people who handed out mortgages to people who had less than perfect credit. In 2000, he started a firm with two other men to help fill a very lucritive gap in the money business. They started a firm called Kellner Mortgage Investments in Texas and began a near-decade business that eventually went belly-up with the rest of the subprime industry.
Bitner explains how his company dealt with the borrowers, the actual people seeking mortgages, by working through brokers/loan officers/cheats/etc.
