The Foreclosure of America

The Foreclosure of America

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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 qfinance jocksq 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.Hat in hand, Countrywide agreed to be bought by Bank of America in early January for $4 billion. Countrywide Financial as an independent, publicly traded firm would be no more. ... product, I had had a clear view of their internal culture, brand power, and intensive focus on brand stewardship, customer service, and quality.

Title:The Foreclosure of America
Author:Adam Michaelson
Publisher:Penguin - 2009-01-06


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