The Foreclosure of America The Foreclosure of America

The Foreclosure of America

The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream

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Publisher Description

Now in paperback-an inside look at Countrywide Home Loans and the mortgage crisis, from a former mortgage lender executive.

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 less 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.

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.

GENRE
Business & Personal Finance
RELEASED
2009
January 6
LANGUAGE
EN
English
LENGTH
368
Pages
PUBLISHER
Penguin Publishing Group
SELLER
PENGUIN GROUP USA, INC.
SIZE
970.7
KB

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