Wednesday, January 30, 2013

Review for "Confessions of a Predatory Lender" by Irma Fritz

The world of mortgage banking became hot in the early 2000's and crashed around 2008. Real estate values climbed way passed their true values, construction
zoomed as did the happy loan officer's bank accounts. The government's new programs focused on people who could not afford to obtain a mortgage in the old fashioned way of borrowing. A new way was established. A new insdustry created and a new book written about the lives of two young loan officers who struggle to make it up the corporate ladder. And struggle they do. As Christy states in the first paragraph, "If someone were to say to me that I would become a predatory lender, betray my best friend, fall in love with a thief, and help my bosses bankrupt the company, I would laugh out loud. This is the summer of 2006, and everyone knows you can still make a killing in mortgage lending."

This is Christy's account of her time with Goode Mortgage Bank, from when the "killing" first began until the bank's demise in 2008.

Irma Fritz has a great style in describing Christy and her colorful friends, employers and colleagues. From her first customer's, the Ott's, to the Ott's unhappy financial disaster when the markets crashed, you'll follow the world of corporate politics, games played, battles won and lost and Christy's lesson's learned along the way.

Does Christy and her best friend Megan survive the fall? Or, are they astute enough to politik their way out of fianancial disaster.

You'll learn a lot from this book about the period of predatory lending and its downfall. You'll delight in some of Christy's friends, one "Ed-the turd" and his family connections into the banking business, Josh, whose real name is Kevin, a thief and her main crush during this time, Megan her best friend who she betrays, Francine her stoic boss and "Big Lou" the bank president who "gets kicked up and down Fifth Avenue."

The book is a lot of fun. I would have liked to have known more about how the fall of the banking lending business fell, even though I think I know. I would have liked to have seen how Megan's love life turned out, but maybe that would be for a sequel. And, I'd love to know how their adventures continue in their new occupation, down the road.

1 comment:

Daron Henson said...

Nice article. It sounds like an interesting book. You shared enough of the story, but did not give away too much in a way that makes the book sound intriguing. I liked your site.

Thank you.