Collateral Damage: Life as a Mortgage Broker

Collateral Damage: Life as a Mortgage Broker

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Chronicles the career of a conflicted mortgage broker. This comical and tragic account explains the whole amazing subprime catastrophe through the story of one man. Mortgage brokers dominated the lending industry for 25 years before succumbing to the lure of ever riskier products that relentlessly blurred their moral principles. In the end, common sense was compromised by fear of losing to the competition. Here are the outrageous, and sometimes hilarious, stories of the salea€™s anti cs of all the players of the subprime crisis.the down trodden in these racial communities couldna#39;t qualify for a loan or come up with a down payment. ... The governmenta#39;s drive for 100% home ownership was suddenly halted. ... Each borrower generated 3 scores from the 3 major credit bureaus. A lender ... Some lenders even offered loans with scores as low as 560.

Title:Collateral Damage: Life as a Mortgage Broker
Author:Ralph J. Migliozzi
Publisher:Xlibris Corporation - 2011-05-02


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