The Monster How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America-and Spawned a Global Crisis (Hardcover)
|Author: Michael W. Hudson|
|In an enraging expos of the mercenary subprime mortgage industry, Hudson reveals how a gang of predatory lenders and Wall Street bankers fleeced America--and spawned a global crisis.|
From the Publisher:
An enraging exposé of the mercenary subprime-mortgage industry and its dealings with Wall Street, which triggered the worst economic crisis since the Great Depression
Orange County, California. Amid the wreckage of the S&L scandal, a group of maverick entrepreneurs hatch a new money-making scheme: writing "subprime" loans at exorbitant prices and bundling them into securities for eager Wall Street banks.
In this stunning narrative, award-winning investigative reporter Michael W. Hudson digs inside the boiler rooms and investment banks that flooded the nation with high-risk, high-profit mortgages. At Ameriquest Mortgage, the nation's largest subprime lender, salesmen sniff out vulnerable homeowners prone to refinancing pitches, and sometimes use Wite-Out to doctor documents. At rival FAMCO, employees memorize "The Monster," a high-pressure sales tactic crafted to obscure interest rates—and so unscrupulous that a former used car salesman turned loan officer calls his state attorney general. With support from Washington bureaucrats and Wall Street, subprime grows into a $1.5 trillion behemoth—devastating the lives of millions of homeowners, toppling Lehman Brothers, and wounding the U.S. economy.
Provocative and gripping, The Monster lays bare the bottom-feeding fraud and top-down greed that placed the country in financial jeopardy.
Not unlike the flurry of books that emerged during the contentious presidency of George W. Bush, the 2008 financial crisis that rocked both Wall Street and Main Street has likewise generated its own publishing cottage industry. Michael Hudson's THE MONSTER enters the fray by deftly chronicling the disaster via the fortunes of two companies: Ameriquest, the nation's largest peddler of the volatile subprime mortgages that sparked the chaos; and Lehman Brothers, the most aggressive yet irresponsible investor in these dubious financial products. An award-winning journalist and member of the not-for-profit Center for Public Integrity, Hudson also infuses his book with a gifted storyteller's sense of suspense and character, crafting a compelling narrative while keeping a steady eye on the facts.