Within his the fresh new book, author and ex lover-bank Richard Bitner possess doing the his poor problems, providing an interior check how his corporation issued crappy mortgage loans.
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Ny (CNNMoney) — Richard Bitner exposed his own financial shop for the 2000, and had the favorable luck so you’re able to bail out of one’s company into the 2005, before the housing drama strike.
The guy saw the brand new poor credit practices you to got us on it crisis first hand, and has chronicled all of them in the guide, “Confessions off a great Subprime Bank.” By the point the guy end, said Bitner, “Lending practices choose to go out-of borderline suspicious to nearly ludicrous.”
He with his a couple of partners ran Dallas-established Kellner Home loan Capital, a little subprime financial you to definitely awarded in the $250 mil in money a year. The organization worked courtesy separate home loans, then ended up selling the newest funds it closed so you can investors or to large loan providers, like Countrywide Financial, that has been recently ordered of the Lender out of America (BAC, Luck 500). Continue reading “Confessions away from a great subprime bank: step 3 bad funds”