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Monster

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Monster Cover

ISBN13: 9780805090468
ISBN10: 0805090460
Condition: Standard
Dustjacket: Standard
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Synopses & Reviews

Publisher Comments:

Who killed the economy?

A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history

"It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it."

The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department."

In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans.

It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed.

Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

Synopsis:

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.

Synopsis:

"Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears."—The Boston Globe

In this page-turning, true-crime exposé, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street's biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history.

It's a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed.

Provocative and gripping, The Monster is a searing look at the bottom-feeding fraud and top-down greed that fueled the financial collapse.

About the Author

Michael W. Hudson is a staff writer at the Center for Public Integrity, a non-profit journalism organization. He previously worked as a reporter for the Wall Street Journal and as an investigator for the Center for Responsible Lending. The winner of a George Polk Award, Hudson has also written for Forbes, The Big Money, the New York Times, the Los Angeles Times and Mother Jones. He edited the award-winning book Merchants of Misery and appeared in the documentary film Maxed Out. He lives in Brooklyn, New York.

What Our Readers Are Saying

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Average customer rating based on 1 comment:

Ron Beasley, October 24, 2010 (view all comments by Ron Beasley)
Do you like a good crime novel – a corporate crime novel? If so The Monster: How a gang of predatory lenders and Wall Street bankers fleeced America – and spawned a global crisis by Michael W. Hudson is for you. Unfortunately it's not a fictional novel but the history of the mortgage crisis that may yet bring down the US and world economy.

This book is not directly about the foreclosure crisis but about the seeds of that crisis – deceptive and fraudulent mortgages that left desperate people worse off than before and without a chance of meeting the obligations of the contract.

Like any good crime novel this story has a cast of villains and victims. Of course this is not a novel so the people are real. One of the main characters is Roland Arnall who grew a small Orange County S&L into the mortgage giant Ameriquest. The way it grew was to place sales and profit above all else. There was nothing an Ameriquest salesman would do to close a loan.

There was lots of money to be made so neither the investment banks that were packaging the loans or the investors buying them questioned the loans themselves. But the continued growth depended on a continued influx of new loans and rising home values – it was in effect a Ponzi scheme. When the housing bubble deflated in 2007 the Ponzi scheme collapsed.

I recommend The Monster: You can pretend it is fiction and have an enjoyable read or you can learn about how greed driven fraud and deception resulted in the worst economic crisis since the great depression. While Wall Street and the bankers are still quick to blame those who don't make their mortgage payments you will who the real victims are.
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Product Details

ISBN:
9780805090468
Author:
Hudson, Michael
Publisher:
Times Books
Author:
Hudson, Michael W.
Subject:
Finance
Subject:
General
Subject:
Real Estate - General
Subject:
Banks & Banking
Subject:
Real Estate
Subject:
Business-Accounting and Finance
Subject:
Real Estate - Mortgages
Subject:
Corporate & Business History
Edition Description:
Trade Cloth
Publication Date:
20101031
Binding:
HARDCOVER
Grade Level:
General/trade
Language:
English
Pages:
384
Dimensions:
8.25 x 5.5 in

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Related Subjects

Business » Accounting and Finance
Business » Banking
Business » Business Profiles
History and Social Science » Politics » General

Monster Used Hardcover
0 stars - 0 reviews
$17.50 In Stock
Product details 384 pages Times Books - English 9780805090468 Reviews:
"Synopsis" by , 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.
"Synopsis" by , "Magnificently and heartbreakingly told. . . . [Hudson] shows vividly that really filthy, face-to-face fraud and hard-sell bullying . . . brought the economy down around our ears."—The Boston Globe

In this page-turning, true-crime exposé, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the biggest subprime lender and Wall Street's biggest patron of subprime: Ameriquest and Lehman Brothers. They did more than any other institutions to produce the biggest financial scandal in American history.

It's a tale populated by a remarkable cast of characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; insatiable Wall Street executives; ensnared home owners; investigators who tried to expose the fraud; politicians who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed.

Provocative and gripping, The Monster is a searing look at the bottom-feeding fraud and top-down greed that fueled the financial collapse.

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