I'd like to see an updated edition with a chapter outlining what changes did occur in regulations and law after the subprime crisis. Like most other people, I'd seen a plethora of news stories talking about the 'subprime mortgage crisis. In reading this book, it becomes painfully obvious that the blame for the current meltdown should be spread out across the board. For the first time ever, see the mind of the fraudster laid bare, including their sometimes twisted rationalizations; think like a crook to catch a crook! This book attempts a balanced and basic course educate the reader. 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.
Every tier of the pyramid is explored from the borrowers, lenders, and mortgage brokers to Wall Everyone should make it a point to understand the subprime mortgage debacle that caused the collapse of the housing market, and the economy, in 2007-2008. 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. The book will make you take a longer look when hiring new employees and offers a deeper more complex understanding of what happens in organizations and in their people. Bitner's book was more firmly rooted in the world we live in. You can read The Big Short or Too Big To Fail, but this book gives you the details at the bottom of the industry pyramid.
Includes cases submitted by fraud examiners across industries and throughout the world Fascinating cases hand-picked and edited by Joseph T. Seeing the ugly writing on the wall, he sold his stake in the business before the industry imploded under a mountain of bad debt. Confessions of a Subprime Lender pulls back the curtain on the players who created the subprime disaster, including brokers, lenders, Wall Street investment firms, and rating agencies who worked the system to their advantage. He is also a sophisticated investor and financier. The Political Economy of Mortgage Markets Модель: модель не указана Артикул: 31231689 Описание: Subprime Cities: The Political Economy of Mortgage Markets presents a collection of works from social scientists that offer insights into mortgage markets and the causes, effects, and aftermath of the recent 'subprime' mortgage crisis.
Her novels offer a detailed portrait of the lives of many strata Victorian society, including the very poor, and are of interest to social historians as well as lovers of literature. This books does a great job of simplifying a complex industry and showing how each of the pieces played a role in its downfall. In five years, he watched his company grow from a tiny operation to a booming business. In addition, the author includes information on the myriad types of toxicants from a range of food sources and explores the measures used to identify and quantify their toxicity. Both parties driven by profit and shielded from liability, dictated how the market would function. I would recommend this book to anyone who wants at least a cursory background in how the mortgage lending market operated very recently. From the broker on Main Street to the investor on Wall Street, it's an unabridged version of what went wrong and how it needs to be fixed.
This combined with the fact that the brokers did not have a vested interest for seeing a loan paid just closing the deal between the consumer and the lender. The only problem against this is that since the monetary incentive is opposite the self-policing a business will choose the money every single time. Производитель бренд, поставщик : не указано Наименование товара: Sridhar Ramamoorti A. A year after Bitner bailed, the industry imploded, and he watched his former company close down. The Fraud Audit provides a proven fraud methodology that allows auditors to discover fraud versus investigating it. Производитель бренд, поставщик : не указано Наименование товара: Christine Richard S.
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. Not being a homeowner myself, I didn't really understand what was going on, so I picked up Confessions of a Subprime Lender to try and learn more about what was going on. From Detection to Prosecution Модель: модель не указана Артикул: 28301289 Описание: A one-of-a-kind resource walking you through one complete fraud investigation, from the original tip to conviction in court Anatomy of a Fraud Investigation is an engrossing read and a valuable resource for fraud investigators, auditors, or anyone who suspects fraud may be occuring in their organizations and is unsure as to how to act. In-depth analysis of a fraud investigation Based on an actual investigation conducted by the author Each chapter contains valuable tips and key considerations, providing subtext for why decisions were made and bringing to light potential risks A fascinating, insider look at a fraud investigation, Anatomy of a Fraud Investigation helps you better understand fraud detection, investigation, and prevention-from the inside out. Learn about the ways the mortgage industry can be fixed with his twenty suggestions for critical change.
This book is extremely timely- the perfect book for these times. Real Estate One insider's rollercoaster account of the subprime implosion Richard Bitner founded his own subprime mortgage company just as the industry took off. Bitner also does a good job balancing the various parties' responsibility for the current housing crisis; while he acknowledges that borrowers have some responsibility, he considers this as just one part of a much larger issue. Companion to Corporate Fraud and Internal Control: A Framework for Prevention Includes step-by-step exercise and tests Provides discussion-based case studies Features the necessary tools that companies need to combat fraud Written by a fraud prevention leader, Corporate Fraud and Internal Control Workbook features a fill in the blanks structure, followed by a short answer section, and ending with a discussion based series of case studies covering the following topics. Eventually, he became disenchanted after foreclosing on a subprime borrower who was given a legitimate, industry—standard mortgage—a loan Bitner realized never should have been made.
I am also disappointed that he lets the lenders industry which he was a part of off the hook in favor of blaming the other actors for the sub-prime mess. Производитель бренд, поставщик : не указано Наименование товара: Peter Goldmann Financial Services Anti-Fraud Risk and Control Workbook Модель: модель не указана Артикул: 31227425 Описание: Myth-busting guidance for fraud preventionin a practical workbook format An excellent primer for developing and implementing an anti-fraud program that works, Financial Services Anti-Fraud Risk and Control Workbook engages readers in an absorbing self-paced learning experience to develop familiarity with the practical aspects of fraud detection and prevention at banks, investment firms, credit unions, insurance companies, and other financial services providers. That said, this is a pretty good primer for someone who wants to learn about the mortgage industry from the borrower level up, and it was a refreshing change from all the financial industry focused material that leaves out discussion of some of the problems at the lowest level. Whether you are a bank executive, auditor, accountant, senior financial executive, financial services operations manager, loan officer, regulator, or examiner, this invaluable resource provides you with essential coverage of: How fraudsters exploit weaknesses in financial services organizations How fraudsters think and operate The tell-tale signs of different types of internal and external fraud against financial services companies Detecting corruption schemes such as bribery, kickbacks, and conflicts of interest, and the many innovative forms of financial records manipulation Conducting a successful fraud risk assessment Basic fraud detection tools and techniques for financial services companies, auditors, and investigators Fraud prevention lessons from the financial meltdown of 2007-2008 Written by a recognized expert in the field of fraud detection and prevention, this effective workbook is filled with interactive exercises, case studies, and chapter quizzes, and shares industry-tested methods for detecting, preventing, and reporting fraud. Once people started to default on their loans, investors started to leave prime and subprime lenders in droves causing illiquidity and eventual collapse of lender market. The narrative about his own career, including his time as president and co-founder of subprime lender Kellner Mortgage Investments, shows the decline of his own business sense even as he was observing the decline of other industry players.
With business fraud on the rise globally, The A. 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. In five years, he watched his company grow from a tiny operation to a booming business. Since they divide loan up anyway, the key consideration for subprime securities is the volume of loans given. Like somethings in doing good using business, the subprime mess was the road to hell paved with lots of good intentions.