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The Foreclosure of America: Life Inside Countrywide Home Loans, and the Selling of the American Dreamby Adam Michaelson
Synopses & Reviews
From Countrywideas former Senior VP of Marketing, the first engrossing inside look at Countrywide Home Loans, how the mortgage crisis startedaand where it may end.
In July 2004, Adam Michaelson entered aThe Vaultaaan underground bunker at Countrywide headquartersafor a meeting about a new loan product that would allow borrowers to pay less than their minimum monthly payment. After the afinance jocksa proudly made their case, Michaelson asked one question: aAre you nuts?a Countrywideas decision-makers believed these new exotic loans were aworth the risk.a The booming housing market would only get bigger, with ever-increasing home values supporting homeowners in a never-ending cycle of borrowing against the virtual value of their homes and refinancing later. They were dead wrong.
With both an insideras knowledge and thorough reporting on the ripple effects on American families and the economy, this fascinating, witty, and wide-ranging book not only examines the morality of a career spent marketing mirages and the market forces that destroyed a company, but addresses the question that everyone is asking: can corporations serve the public good and profit at the same time? Most importantly, it offers creative thinking on how to prevent such a meltdown from ever happening again.
From Countrywide's former senior vice president of marketing comes the first engrossing inside look at Countrywide Home Loans, how the mortgage crisis started--and where it may end.
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.
About the Author
Adam Michaelson is a former Senior Vice President of Marketing at Countrywide. He now runs the Michaelson Marketing Group and has provided marketing counsel to numerous Fortune 100 clients.
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