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Peter Maclennan
Commercial Mortgage Lender for Owens Financial Group a California based hard money portfolio lender.
phone: (925) 280-5388
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Head over to Yahoo! Finance to take a look at an interesting article by a former subprime lender.
Richard Bitner was an owner in a mortgage shop that made subprime loans and sold them to investors. He is writing a book about his experience from “behind the curtain”.
In the article he details 3 loans that cost his company thousands of dollars.
The article also describes how investors’ desire for mortgage related securities drove the market to make loans to borrowers with riskier and riskier profiles to satisfy the demand.
Confessions-of-a-Subprime-Lender-3-Bad-Loans: Personal Finance News from Yahoo Finance
Related Posts
Responses to “Confessions-of-a-Subprime-Lender”
August 14th, 2008 at 2:19 pm
There’s a good point in that article about how investors’ actually desired mortgage related securities, which pressured more mortgages to be handed out. Real estate was booming and investor’s wanted a piece of the action (mortgages) so securities were created to do this. I give the author credit for pointing this out. It’s important to remember that the actual lenders are not 100% to blame.
September 26th, 2008 at 3:11 pm
That is pretty interesting to read from someone that had upfront knowledge of what was happening. I just hope we dont repeat this nonsense in 20 years.
“There’s a good point in that article about how investors’ actually desired mortgage related securities”
I never thought about that side of the equation but it makes sense.
July 23rd, 2008 at 5:21 pm
Interesting you mention this. this is the reason I think too that the economy overall will take longer to work itself out. Taking on more than one can afford as a company only makes the healing process longer.