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 3/10 Fair --- lawbites.com http://lawbites.com/feed
| the latest legal news ... |
Sunday, July 20, 2008 --- 31 days ago http://lawbites.com/more-about-confession/
| Bank Lawyer's Blog: Last week, James Hagerty of The Wall Street Journal reviewed former subprime mortgage broker Richard Bitner's book "Confessions of a Subprime Lender" (which we discussed in April). Hagerty describes it as "an unflattering portrait of an industry that claimed to be all about helping people...achieve the American Dream but was really about grabbing loan-origination fees and foisting the dud mortgages on investors." Among other astute observations, Hagerty gives Bitner his "props" (as we did) for not acting as an apologist for subprime originators. To his credit, Mr. Bitner owns up to a fact that many lenders still haven't admitted: Just because Wall Street was willing to supply endless funding for crazy mortgages didn't mean that lenders were forced to make the loans. "We decided whether a borrower was a good credit risk and we funded the loans using our own money (before selling them to investors). No one else made… ... |
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