Book Reviews
He crystallizes the mortgage lending process so even a novice could understand the inner workings of the industry, in order to fully appreciate the factors involved in its breakdown.
Bitner spent the last five of his 14 years in the mortgage business as co-owner of Kellner Mortgage Investments, a wholesale subprime mortgage company. The 197-page paperback chronicles Bitner’s first-hand experiences with brokers and big name lenders such as Countrywide and GMAC.
The mortgage meltdown has many players to share the blame, he explains, including the borrowers, appraisers, wholesale lenders, and loan originators – be it a broker or loan officer.
Stretched appraised property values, omitted evidence that would cause loan denial and doctored documentation were just a few of the tactics used by deceptive loan originators, Bitner revealed.
Bitner tells it like it was with no fluff or excuses.
He explains the conflicted relationships of the broker-lender, the lender-investor and of Wall Street and the rating agencies.
“In some ways, the investment firm-rating agency relationship mirrors the dysfunctional nature of the broker-lender relationship,” Bitner writes. “If the broker is having trouble getting a deal approved, his account executive will tell him how to structure the loan. When an investment bank has a security filled with garbage loans, the agencies advise them how to structure the deals in order to maximize profit.”
It is a conflicted system, Bitner wrote. Lenders are sandwiched between brokers and investors.
“On one hand, they answer to investors who care about loan performance and prepayment speeds,” he said, noting that poor performance can result in the termination of the relationship. “On the other hand, lenders cater to brokers, a group whose only motivation is closing the loan. Since brokers have no financial interest in a loan’s performance and face no liability, lenders must always question their actions and motives.”
Anyone interested in becoming an entrepreneur should read The Millionaire Maker’s Guide to Creating a CASH MACHINE FOR LIFE.
Loral Langemeier, a millionaire and financial strategist founded Live Out Loud, a coaching and seminar company that offers her proprietary program “Wealth Cycle.” She shares her step-by-step program on how to generate revenue by using existing skill sets and strengths.
Her method begins with forming a team to help you reach your ultimate goal, whether it’s to build a new business, fix an existing business or buy a new business.
Langemeier gives real world examples of what steps were taken to turn a variety of businesses into Cash Machines – from a soccer coach who gained additional revenue from creating soccer clinics and adult workouts to a woman who bought a window washing company and, using creative marketing, turned it into a lucrative business.
The 242-page hardcover book is a great addition to any business owner’s library. It’s a good outline of what to do, beginning with analyzing your strengths and skills and how to utilize them in the most lucrative way.
It’s a crash course in marketing, sales, finance, management and basic operations of any type of business.
“Most of my clients have been able to take a skill set and turn it into a real live moneymaking venture,” Langemeier claims in the book. “This money is created in weeks, if not days, and it is true cash, flowing steadily into your Wealth Cycle.”
There is a lot of practical information packed in this book and it seems to have worked for many people, even so, she makes the implementation of a business plan sound way too easy.
I give this book 4 out of 5 stars.
