The Foreclosure of America

Life Inside Countrywide Home Loans and the Selling of the American Dream

Business & Finance, Business Reference, Business Ethics, Finance & Investing, Real Estate, Economics, Economic History
Cover of the book The Foreclosure of America by Adam Michaelson, Penguin Publishing Group
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Author: Adam Michaelson ISBN: 9781440661938
Publisher: Penguin Publishing Group Publication: January 6, 2009
Imprint: Berkley Language: English
Author: Adam Michaelson
ISBN: 9781440661938
Publisher: Penguin Publishing Group
Publication: January 6, 2009
Imprint: Berkley
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

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