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The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis
The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis by Michael W. Hudson 0805090460 9780805090468
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The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis by Michael W. Hudson

An enraging expos of the mercenary subprime-mortgage industry and its dealings with Wall Street, which triggered the worst economic crisis since the Great DepressionOrange County, California. Amid the wreckage of the S&L scandal, a group of maverick entrepreneurs hatch a new money-making scheme: writing subprime loans at exorbitant prices and bundling them into securities for eager Wall Street banks.In this stunning narrative, award-winning investigative reporter Michael W. Hudson digs inside the boiler rooms and investment banks that flooded the nation with high-risk, high-profit mortgages. At Ameriquest Mortgage, the nations largest subprime lender, salesmen sniff out vulnerable homeowners prone to refinancing pitches, and sometimes use Wite-Out to doctor documents. At rival FAMCO, employees memorize The Monster, a high-pressure sales tactic crafted to obscure interest ratesand so unscrupulous that a former used car salesman turned loan officer calls his state attorney general. With support from Washington bureaucrats and Wall Street, subprime grows into a $1.5 trillion behemothdevastating the lives of millions of homeowners, toppling Lehman Brothers, and wounding the U.S. economy.Provocative and gripping,The Monsterlays bare the bottom-feeding fraud and top-down greed that placed the country in financial jeopardy.

Author: Michael W. Hudson

Language: English

Edition: First Edition

Binding: Hardcover

Pages: 384

Publisher: Times Books

Publication Date: 2010-10-26

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ISBN: 0805090460


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Michael W. Hudson (Edition: First Edition) Hardcover

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