Who killed the economy? A page-turning, true-crime exposAc of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history qIt's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it.q The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick qBoiler Roomq as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in qcut-and-pasteq operations they dubbed qThe Labq or qThe Art Department.q In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans. It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s SaL scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesmen who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing exposAc of the bottom-feeding fraud and top-down greed that fueled the financial collapse.At Ameriquest, the risk was low, if you covered your tracks and didna#39;t get too out of control. He let his workers fiddle with about 10 percent of the loan files, only the deals where changing a number or creating a fake document would provide a significant boost to the brancha#39;s commissions. He didna#39;t allow his employees to alter pay stubs or tax documents, though he did allow them to use Wite-Out to alteranbsp;...
|Author||:||Michael W. Hudson|
|Publisher||:||Macmillan - 2010-10-26|