The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis

4,06 valoración promedio
( 154 valoraciones por Goodreads )
 
9780312610531: The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis

"Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears."-The Boston Globe

In this page-turning, true-crime exposé, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street's biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history.

It's a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed.

Provocative and gripping, The Monster is a searing look at the bottom-feeding fraud and top-down greed that fueled the financial collapse.

"Sinopsis" puede pertenecer a otra edición de este libro.

About the Author:

Michael W. Hudson is a staff writer at the Center for Public Integrity, and previously worked as a reporter for the Wall Street Journal and as an investigator for the Center for Responsible Lending. The winner of a George Polk Award, Hudson has also written for Forbes, The Big Money, and the New York Times. He edited Merchants of Misery and appeared in the documentary Maxed Out. He lives in Brooklyn.

Excerpt. © Reprinted by permission. All rights reserved.:

Introduction:
Bait and Switch

A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles’s Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody’s signature.

Glover was new to the mortgage business. He was twenty-nine and hadn’t held a steady job in years. But he wasn’t stupid. He knew about financial sleight of hand—at that time, he had a check-fraud charge hanging over his head in the L.A. courthouse a few blocks away. Watching his coworker, Glover’s first thought was: How can I get away with that? As a loan officer at Ameriquest, Glover worked on commission. He knew the only way to earn the six-figure income Ameriquest had promised him was to come up with tricks for pushing deals through the mortgage-financing pipeline that began with Ameriquest and extended through Wall Street’s most respected investment houses.

Glover and the other twentysomethings who filled the sales force at the downtown L.A. branch worked the phones hour after hour, calling strangers and trying to talk them into refinancing their homes with high-priced “subprime” mortgages. It was 2003, subprime was on the rise, and Ameriquest was leading the way. The company’s owner, Roland Arnall, had in many ways been the founding father of subprime, the business of lending money to home owners with modest incomes or blemished credit histories. He had pioneered this risky segment of the mortgage market amid the wreckage of the savings and loan disaster and helped transform his company’s headquarters, Orange County, California, into the capital of the subprime industry. Now, with the housing market booming and Wall Street clamoring to invest in subprime, Ameriquest was growing with startling velocity.

Up and down the line, from loan officers to regional managers and vice presidents, Ameriquest’s employees scrambled at the end of each month to push through as many loans as possible, to pad their monthly production numbers, boost their commissions, and meet Roland Arnall’s expectations. Arnall was a man “obsessed with loan volume,“ former aides recalled, a mortgage entrepreneur who believed “volume solved all problems.” Whenever an underling suggested a goal for loan production over a particular time span, Arnall’s favorite reply was: “We can do twice that.” Close to midnight Pacific time on the last business day of each month, the phone would ring at Arnall’s home in Los Angeles’s exclusive Holmby Hills neighborhood, a $30 million estate that once had been home to Sonny and Cher.On the other end of the telephone line, a vice president in Orange County would report the month’s production numbers for his lending empire. Even as the totals grew to $3 billion or $6 billion or $7 billion a month—figures never before imagined in the subprime business—Arnall wasn’t satisfied. He wanted more. “He would just try to make you stretch beyond what you thought possible,“ one former Ameriquest executive recalled. “Whatever you did, no matter how good you did, it wasn’t good enough.”

Inside Glover’s branch, loan officers kept up with the demand to produce by guzzling Red Bull energy drinks, a favorite caffeine pick-me-up for hardworking salesmen throughout the mortgage industry. Government investigators would later joke that they could gauge how dirty a home-loan location was by the number of empty Red Bull cans in the Dumpster out back. Some of the crew in the L.A. branch, Glover said, also relied on cocaine to keep themselves going, snorting lines in washrooms and, on occasion, in their cubicles.

The wayward behavior didn’t stop with drugs. Glover learned that his colleague’s art work wasn’t a matter of saving a borrower the hassle of coming in to supply a missed signature. The guy was forging borrowers’ signatures on government-required disclosure forms, the ones that were supposed to help consumers understand how much cash they’d be getting out of the loan and how much they’d be paying in interest and fees. Ameriquest’s deals were so overpriced and loaded with nasty surprises that getting customers to sign often required an elaborate web of psychological ploys, outright lies, and falsified papers. “Every closing that we had really was a bait and switch,“ a loan officer who worked for Ameriquest in Tampa, Florida, recalled. “ ‘Cause you could never get them to the table if you were honest.” At companywide gatherings, Ameriquest’s managers and sales reps loosened up with free alcohol and swapped tips for fooling borrowers and cooking up phony paperwork. What if a customer insisted he wanted a fixed-rate loan, but you could make more money by selling him an adjustable-rate one? No problem. Many Ameriquest salespeople learned to position a few fixed-rate loan documents at the top of the stack of paperwork to be signed by the borrower. They buried the real documents—the ones indicating the loan had an adjustable rate that would rocket upward in two or three years—near the bottom of the pile. Then, after the borrower had flipped from signature line to signature line, scribbling his consent across the entire stack, and gone home, it was easy enough to peel the fixed-rate documents off the top and throw them in the trash.

At the downtown L.A. branch, some of Glover’s coworkers had a flair for creative documentation. They used scissors, tape, Wite-Out, and a photocopier to fabricate W-2s, the tax forms that indicate how much a wage earner makes each year. It was easy: Paste the name of a low-earning borrower onto a W-2 belonging to a higher-earning borrower and, like magic, a bad loan prospect suddenly looked much better. Workers in the branch equipped the office’s break room with all the tools they needed to manufacture and manipulate official documents. They dubbed it the “Art Department.”

At first, Glover thought the branch might be a rogue office struggling to keep up with the goals set by Ameriquest’s headquarters. He discovered that wasn’t the case when he transferred to the company’s Santa Monica branch. A few of his new colleagues invited him on a field trip to Staples, where everyone chipped in their own money to buy a state-of-the-art scanner-printer, a trusty piece of equipment that would allow them to do a better job of creating phony paperwork and trapping American home owners in a cycle of crushing debt.

Carolyn Pittman was an easy target. She’d dropped out of high school to go to work, and had never learned to read or write very well. She worked for decades as a nursing assistant. Her husband, Charlie, was a longshoreman.In 1993 she and Charlie borrowed $58,850 to buy a one-story, concrete block house on Irex Street in a working-class neighborhood of Atlantic Beach, a community of thirteen thousand near Jacksonville, Florida. Their mortgage was government-insured by the Federal Housing Administration, so they got a good deal on the loan. They paid about $500 a month on the FHA loan, including the money to cover their home insurance and property taxes.

Even after Charlie died in 1998, Pittman kept up with her house payments. But things were tough for her. Financial matters weren’t something she knew much about. Charlie had always handled what little money they had. Her health wasn’t good either. She had a heart attack in 2001, and was back and forth to hospitals with congestive heart failure and kidney problems.

Like many older black women who owned their homes but had modest incomes, Pittman was deluged almost every day, by mail and by phone, with sales pitches offering money to fix up her house or pay off her bills. A few months after her heart attack, a salesman from Ameriquest Mortgage’s Coral Springs office caught her on the phone and assured her he could ease her worries. He said Ameriquest would help her out by lowering her interest rate and her monthly payments.

She signed the papers in August 2001. Only later did she discover that the loan wasn’t what she’d been promised. Her interest rate jumped from a fixed 8.43 percent on the FHA loan to a variable rate that started at nearly 11 percent and could climb much higher. The loan was also packed with more than $7,000 in up-front fees, roughly 10 percent of the loan amount.

Pittman’s mortgage payment climbed to $644 a month. Even worse, the new mortgage didn’t include an escrow for real-estate taxes and insurance. Most mortgage agreements require home owners to pay a bit extra—often about $100 to $300 a month—which is set aside in an escrow account to cover these expenses. But many subprime lenders obscured the true costs of their loans by excluding the escrow from their deals, which made the monthly payments appear lower. Many borrowers didn’t learn they had been tricked until they got a big bill for unpaid taxes or insurance a year down the road.

That was just the start of Pittman’s mortgage problems. Her new mortgage was a matter of public record, and by taking out a loan from Ameriquest, she’d signaled to other subprime lenders that she was vulnerable—that she was financially unsophisticated and was struggling to pay an unaffordable loan. In 2003, she heard from one of Ameriquest’s competitors, Long Beach Mortgage Company.

Pittman had no idea that Long Beach and Ameriquest shared the same corporate DNA. Roland Arnall’s first subprime lender had been Long Beach Savings and Loan, a company he had morphed into Long Beach Mortgage. He had sold off most of Long Beach Mortgage in 1997, but hung on to a portion of the company that he rechristened Ameriquest. Though Long Beach and A...

"Sobre este título" puede pertenecer a otra edición de este libro.

Los mejores resultados en AbeBooks

1.

Hudson, Michael W.
Editorial: St. Martin's Griffin
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback Cantidad: 1
Librería
Academic Book Solutions
(Medford, NY, Estados Unidos de America)
Valoración
[?]

Descripción St. Martin's Griffin. Paperback. Estado de conservación: New. New, unread, and unused. Nº de ref. de la librería ABS-1294-1093

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 10,72
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,39
A Estados Unidos de America
Destinos, gastos y plazos de envío

2.

Michael W Hudson
Editorial: St Martin's Press (2011)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Cantidad: > 20
Impresión bajo demanda
Librería
Pbshop
(Wood Dale, IL, Estados Unidos de America)
Valoración
[?]

Descripción St Martin's Press, 2011. PAP. Estado de conservación: New. New Book.Shipped from US within 10 to 14 business days.THIS BOOK IS PRINTED ON DEMAND. Established seller since 2000. Nº de ref. de la librería IP-9780312610531

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 13,08
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,39
A Estados Unidos de America
Destinos, gastos y plazos de envío

3.

Hudson, Michael W.
Editorial: St. Martins Press-3pl 9/13/2011 (2011)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback or Softback Cantidad: 10
Librería
BargainBookStores
(Grand Rapids, MI, Estados Unidos de America)
Valoración
[?]

Descripción St. Martins Press-3pl 9/13/2011, 2011. Paperback or Softback. Estado de conservación: New. The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--And Spawned a Global Crisis. Book. Nº de ref. de la librería BBS-9780312610531

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 17,48
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

4.

Michael W. Hudson
Editorial: St. Martin's Griffin (2011)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback Cantidad: 1
Librería
Irish Booksellers
(Rumford, ME, Estados Unidos de America)
Valoración
[?]

Descripción St. Martin's Griffin, 2011. Paperback. Estado de conservación: New. book. Nº de ref. de la librería M031261053X

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 17,73
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

5.

Michael W Hudson
Editorial: St Martin s Press, United States (2011)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback Cantidad: 1
Librería
The Book Depository US
(London, Reino Unido)
Valoración
[?]

Descripción St Martin s Press, United States, 2011. Paperback. Estado de conservación: New. Reprint. Language: English . Brand New Book. Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears. -The Boston Globe In this page-turning, true-crime expose, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street s biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history. It s a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s SL scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing look at the bottom-feeding fraud and top-down greed that fueled the financial collapse. Nº de ref. de la librería AAU9780312610531

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 18,20
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
De Reino Unido a Estados Unidos de America
Destinos, gastos y plazos de envío

6.

Michael W Hudson
Editorial: St Martin s Press, United States (2011)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback Cantidad: 1
Librería
The Book Depository
(London, Reino Unido)
Valoración
[?]

Descripción St Martin s Press, United States, 2011. Paperback. Estado de conservación: New. Reprint. Language: English . Brand New Book. Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears. -The Boston Globe In this page-turning, true-crime expose, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street s biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history. It s a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s SL scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing look at the bottom-feeding fraud and top-down greed that fueled the financial collapse. Nº de ref. de la librería AAU9780312610531

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 18,25
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
De Reino Unido a Estados Unidos de America
Destinos, gastos y plazos de envío

7.

Hudson, Michael W.
Editorial: St. Martin's Griffin (2017)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback Cantidad: 17
Impresión bajo demanda
Librería
Murray Media
(North Miami Beach, FL, Estados Unidos de America)
Valoración
[?]

Descripción St. Martin's Griffin, 2017. Paperback. Estado de conservación: New. Never used! This item is printed on demand. Nº de ref. de la librería 031261053X

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 16,71
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 1,69
A Estados Unidos de America
Destinos, gastos y plazos de envío

8.

Hudson, Michael W.
Editorial: St. Martin's Griffin
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos PAPERBACK Cantidad: 10
Librería
Lakeside Books
(Benton Harbor, MI, Estados Unidos de America)
Valoración
[?]

Descripción St. Martin's Griffin. PAPERBACK. Estado de conservación: New. 031261053X BRAND NEW, GIFT QUALITY! NOT OVERSTOCKS OR MARKED UP REMAINDERS! DIRECT FROM THE PUBLISHER!|0.9. Nº de ref. de la librería OTF-S-9780312610531

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 15,71
Convertir moneda

Añadir al carrito

Gastos de envío: EUR 3,39
A Estados Unidos de America
Destinos, gastos y plazos de envío

9.

Michael W. Hudson
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Cantidad: 5
Librería
ReadWhiz
(Portland, OR, Estados Unidos de America)
Valoración
[?]

Descripción Estado de conservación: New. Nº de ref. de la librería ria9780312610531_ing

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 19,66
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
A Estados Unidos de America
Destinos, gastos y plazos de envío

10.

Michael W Hudson
Editorial: St Martin s Press, United States (2011)
ISBN 10: 031261053X ISBN 13: 9780312610531
Nuevos Paperback Cantidad: 10
Librería
Book Depository hard to find
(London, Reino Unido)
Valoración
[?]

Descripción St Martin s Press, United States, 2011. Paperback. Estado de conservación: New. Reprint. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears. -The Boston Globe In this page-turning, true-crime expose, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street s biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history. It s a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s SL scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed. Provocative and gripping, The Monster is a searing look at the bottom-feeding fraud and top-down greed that fueled the financial collapse. Nº de ref. de la librería BZE9780312610531

Más información sobre esta librería | Hacer una pregunta a la librería

Comprar nuevo
EUR 20,50
Convertir moneda

Añadir al carrito

Gastos de envío: GRATIS
De Reino Unido a Estados Unidos de America
Destinos, gastos y plazos de envío

Existen otras copia(s) de este libro

Ver todos los resultados de su búsqueda