The Foreclosure of America
Author: Michaelson, Adam
ISBN: 9780425233764
Publisher: Penguin Group USA
Year first published: 06 Apr 2010
Pages: 384
Format: Paperback / softback
b> Now in paperback-an inside look at Countrywide Home Loans and the mortgage crisis, from a former mortgage lender executive. /b> br>br> In July 2004, Adam Michaelson attended a high-level meeting at Countrywide Financial headquarters about a new loan product that would allow borrowers to pay i>less/i> than their minimum monthly payment. The "finance jocks" believed that the booming housing market would only get bigger, supporting homeowners in a cycle of borrowing against their houses and refinancing later. They were wrong. And when the bottom dropped out, Countrywide suffered the consequences-as did millions of Americans. br>br> With an insider's knowledge and thorough reporting on the impact on American families and the ripple effects on the economy, Michaelson examines the marketing of a mirage and the bad business decisions that destroyed a company, confronts the ethical questions that have arisen in the wake of the foreclosure crisis, and offers creative proposals to prevent such a meltdown from ever happening again.
ISBN: 9780425233764
Publisher: Penguin Group USA
Year first published: 06 Apr 2010
Pages: 384
Format: Paperback / softback
b> Now in paperback-an inside look at Countrywide Home Loans and the mortgage crisis, from a former mortgage lender executive. /b> br>br> In July 2004, Adam Michaelson attended a high-level meeting at Countrywide Financial headquarters about a new loan product that would allow borrowers to pay i>less/i> than their minimum monthly payment. The "finance jocks" believed that the booming housing market would only get bigger, supporting homeowners in a cycle of borrowing against their houses and refinancing later. They were wrong. And when the bottom dropped out, Countrywide suffered the consequences-as did millions of Americans. br>br> With an insider's knowledge and thorough reporting on the impact on American families and the ripple effects on the economy, Michaelson examines the marketing of a mirage and the bad business decisions that destroyed a company, confronts the ethical questions that have arisen in the wake of the foreclosure crisis, and offers creative proposals to prevent such a meltdown from ever happening again.
