Confessions of a Subprime Lender: 3 Bad Loans
He offered to grant credits to practices schlampige us in this crisis first hand and she has chronicled in his book “Confessions of a Subprime lender. “Over time, when it will stop, ” said Bitner, “practices award credit, the limits of research, almost ridiculous. ”
Bitner, like many other Subprime lenders, in the fat profits promised - the loan paid three to five times more than the master of loans. But, says 41 years, married with two children, he also proud of the idea that help people, credit, homeowners are damaged.
Yet finally received the things out of control.
The last straw
One of Bitner ’s customers, he said, was the turning point for him, Johnny was editor and his wife Patti, South Carolina. The Deal shows, which took the basic problem Subprime Loan: Nobody discomfort, to determine whether the borrower could actually afford to pay for their transport. And so the cutters, like millions of others, has been a partitioning waiting to pass.
Source More:Yahoo
