Ebook Free Behind the Housing Crash, by Aaron Clarey
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“Behind the Housing Crash – Confessions from an Insider” is the authoritative book on the housing crisis. It is an expose written by Aaron Clarey, a credit analyst who worked at various banks in the Twin Cities and saw first hand the unethical, if not, illegal dealings that led up to the housing bubble and subsequent crash. Stories of commission-addicted bankers, bribed appraisers, FBI investigations, IRS raids, offshore bank accounts and more regale the reader with a blood-boiling story of corruption, incompetence and limitless greed. However, the book goes beyond exposing those responsible for the housing crash, and does an exemplary job of explaining, in clear and simple language, the economics behind the housing crisis and the consequences for us all. If you are looking for an excellent expose on the banking industry, an explanation why your house is worth $100,000 less than it was before, or are just curious as to what happened, look no further. This is the book to read.
- Sales Rank: #243650 in eBooks
- Published on: 2011-05-09
- Released on: 2011-05-09
- Format: Kindle eBook
Most helpful customer reviews
1 of 1 people found the following review helpful.
Excellent
By daniel cardin
This guy was a loan analyst (a/k/a "underwriter") for a number of banks during the lead-up to the crash in 2008 and he's confirmed many of my suspicions about real estate developers, bankers, real estate agents, crackheads and other people lie that.
2 of 3 people found the following review helpful.
How the sausage was made
By James Crain
While this book could have been better edited, I won't bother with those trivial details. In my view, anyone with savings or investments in U.S. financial institutions should read this book.
This is a well-told account of how the housing bubble came into being and then popped. Mr. Clarey tells the story from his point of view as an analyst/underwriter at a credit union and then at some local banks in the Minneapolis/St. Paul area. He doesn't name these, so we have to take his account on his word.
Clarey's description of how real estate developers continued building in the face of a housing glut, of how bankers continued to loan them money in order to earn the loan commissions, of how loans were poorly documented because they were made to "good guys" or because they "helped the little people" is like a tour through a financial butcher shop.
These folks did all these things despite easily available data showing there was no need for more housing stock. My wife and I both wondered who in the world was buying all the new houses in St. Louis ten years ago. It's not as though the old ones were being torn down (generally) as the new ones were built. Continually rising prices in the face of an expanding supply? That's hardly what you'd expect from Econ 101.
Clarey also describes how mortgage brokers and banks worked the system in similar ways for existing home sales, although I don't believe he was personally involved in that business. Mortgages were poorly documented - or sometimes not documented at all - because they were promptly resold to 'collateralize' investment bonds. The mortgage originators got their commissions, the bond sellers got their commissions and the CDO buyers got burned.
The author has a great grasp of financial fundamentals. I used to wonder myself about the phenomenal run-up in stock prices over the last 30 years. I recall a friend of mine asking me in the early 80s, "When do you think the Dow will break 1000?" In the late 90s I called him and asked, "So, Mike, when do you think the Dow will break 10,000?"
My conclusion was that there was too much money chasing too few investments and that maybe this was due to the way the tax code for retirement plans was written. In the U.S., tax-deferred retirement savings can only be invested in stock and bond markets. What else explains a 10-fold gain in the DJIA in less than 20 years? There's been nothing like it in the history of the U.S. exchanges. (Search the web for "historic DJIA" and look at the period since 1980.)
Mr. Clarey mentions this tax law factor himself as one reason for the bubbles of recent history; in particular, how all the retirement funds in the market drove the dot com bubble and then led to a ready market to buy CDOs (bundled mortgages) at the start of the housing bubble.
0 of 0 people found the following review helpful.
An entertaining and informative ride
By C. Greg Freeman
The anecdotes, along with the character of the writer, make this a very interesting read. Someone who hasn't been paying attention to what has been going on inside businesses in the United States might be shocked at what they read. Others, like me, who are involved in different industries but still see the attitudes of the decisionmakers in everyday life will recognize the gross and terrible mistakes that were made, as part of some kind of bizarre cultural movement, in this book.
My only difficulty with this book is a minor one, and that is, in the kindle version the margins on the charts are a few pixels too short and thus the first bit on some chart axes are clipped. I can infer the values there from what is left, so it's only a minor annoyance. I think it might be a fault of the kindle editing support itself, but I'm not sure.
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