Authors & Events
Jan 06, 2009
| ISBN 9781440661938
Buy from Other Retailers:
Jan 06, 2009 | ISBN 9781440661938
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.
Adam Michaelson is the author of 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. He is also the Chief Marketing Officer of… More about Adam Michaelson
Visit other sites in the Penguin Random House Network
Stay in Touch
Start earning points for buying books! Just for joining you’ll get personalized recommendations on your dashboard daily and features only for members.