Confessions of a Subprime Lender: An Insider’s Tale of Greed, Fraud, and Ignorance

Confessions of a Subprime Lender: An Insider’s Tale of Greed, Fraud, and Ignorance by Richard Bitner highlights many of the problems associated with the current economic mess. As a veteran of the sub-prime mortgage industry, he has given out more than his fair share of crummy credit. Despite or perhaps because of the role he played in the mortgage meltdown, Bitner brings a different perspective to the table.

One could argue that he wrote the book to make money much as he profited from bad loans. On the other hand, people can learn from him. Fortunately, that’s where Kansas City, Kansas Public Library comes in. It’s one way to get a hold of Bitner’s book without purchasing it.

In the meantime, we have tons of books at Kansas City, Kansas Public Library explaining the mortgage crisis. We even have ones on how to sell a house in this less than ideal real estate market. Need tips on how to keep your house? Yes, we have books on that too.

The thing about Bitner is that he goes into biting detail on the mortgage crunch in ways that are truly quite moving. You get stories of people who are woefully unprepared for homeownership given sizable loans with little and often no money down. Some might call it predatory lending. It seems that there were people who wanted a home more than anything. Home ownership isn’t part of the American dream for nothing. When that kind of desire meets lenders who are equally willing to hand out money, things happen. First of all, costs of home ownership go up. Since the vast majority of homebuyers do not pay cash, it can inflate prices. If almost anyone can get a mortgage for $200,000, that creates a much larger pool of perspective home buyers for a $200,000 house. On the other hand, not many people have $200,000 in cash lying around.

On Tuesday June 2, from 6-7 pm, there will be a talk on resume writing. It will take place in the first floor computer lab at the Main Library on 625 Minnesota Ave.

On Tuesday, June 9 at 6:30 there will be a talk hosted by the Workforce Partnership. This talk will focus on all the resources available in Kansas City, Kansas to job seekers. From locating computers for a job search to getting resume help, this talk will touch on some of the best ways to locate employment. The talk itself will take place on the second floor auditorium at the Main Library on 625 Minnesota Ave. Until next time, catch me in the library.

Credit Cards and You

I recently returned from a most fantastic vacation in Ireland. It’s a great time to visit the Emerald Isle. What does this have to do with business? Well, I got the airfare for peanuts based on some tips from a book at Kansas City, Kansas Public Library. Think about all the interest credit card companies charge. Wouldn’t it be nice to get something back? There’s an interesting book called “How You Can Profit from Credit Cards : Using Credit to Improve Your Financial Life and Bottom Line”. The author, Curtis Arnold, highlights ways to get the most out of credit cards. While there is currently a credit crisis of epic proportions, airlines among others seem to be really pushing credit cards. Often these offers come with enough miles for a free ticket. True, you need good credit and are at the mercy of the airline when it comes to booking the trip. Still, it could be a good deal. As they say, “always read the fine print”.

While it may not be the easiest thing in tough economic times, Arnold recommends paying your credit cards in full at the end of the month. If that’s not an option, there are tons of ways to get lower interest rates on credit cards and save money there.

Plus, there’s a fascinating history of credit cards. Those ubiquitous little pieces of plastic used to be much more rare years ago. Can you imagine life without credit cards? It wasn’t that long ago when credit cards were much rarer. People had to demonstrate that they had actual money to pay off their charges to get one. Imagine that! Even crazier, late fees, penalties, and interest were regulated too. To make a long story short, the whole credit card world changed about twenty years ago out in the prairie of South Dakota. The rest is history.

Every economic climate has its opportunities and perils. Thirty years ago, credit card companies weren’t giving away free plane tickets. Today they do but the rules have changed. Late fees, interest calculation, and even billing cycles have undergone radical transformations. It practically takes a book to get the maximum benefit out of these popular little loans.

On Tuesday, May 5 at 6 pm, we’ll be showing Office Space for Business Movie Night. Attendees must be 18 or over or accompanied by an adult. This will take place in the second floor auditorium at the Main Library at Kansas, City, Kansas Public Library on 625 Minnesota Ave. Until next time, catch me in the library.