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    Behind the Housing Crash: Confessions from an Insider
    Behind the Housing Crash: Confessions from an Insider
    Behind the Housing Crash: Confessions from an Insider
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    Booksurge Publishing

    Behind the Housing Crash: Confessions from an Insider

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    Customer Reviews

    Learn about scum bankers, borrowers, and real estate developersThis book will go inside closed doors to expose the moronic bankers and real estate developers. If you have any interest in learning about the housing crash, this is a must read. It gives a true insider's view about the deals scum bag bankers were doing that crashed the market. The POV is one I haven't seen anywhere because popular mainstream resources about the crash really only talk about the Fed and mega banks. Aaron doesn't go higher than a community bank in this book, which makes for degenerate people borrowing money that commission hungry bankers well know they won't pay back. The stupidity of bankers and degenerate people that Aaron writes about will have you laughing uncontrollably. 5How did the housing crash REALLY happen? Here is the answer.Did you ever wonder how the housing crash happened? Aaron Clarey worked in banking and saw it from the front lines. Slimy bankers gave loans to anyone who could fog a mirror, then sold the bad loans as AAA grade investments. Entertaining in a dark way. For additional info, watch a movie called The Big Short 5How the sausage was madeWhile 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. 5Read for an Analyst's InsightBehind the Housing Crash is a great read if you are looking for a boots-on-the-ground perspective of the housing crash. There is a glut of books and blogs on the macros of the crash (most notably "The Real Crash" by Peter Schiff) but this is a great read for its unusual perspective.Aaron tackles some of the more technical aspects of the economy he dealt with as an analyst during the boom, and it is interspersed with horrifying/hilarious anecdotes. These tales mostly pertain to the reckless and unaccountable greed practiced by bankers and real estate developers.Reading a macro-heavy book about the Housing Crash is worth your time, but if you're reading this review you probably already have your fill... reading Aaron Clarey's book on it will give you a great idea of the insanity he was nearly driven to as he was bucked, bullied and ignored for simply saying that a man under investigation by the FBI shouldn't be granted a loan, or that, with four times the houses as buyers on the market, that his bank ought not finance any more.Highly recommended. 4Excellent Look at the Housing Crisis From Someone Who Saw Years Ahead of TimeThis may be Aaron Clarey's best work. It is his experience in banking leading up to the collapse in the housing market. There are numerous stories that cover the cause of the crisis, projections about how the crisis would (and did) play out, and recommendations that could prevent such a crisis from happening again. Parallels can be drawn to potential bubbles today, possibly in the stock market, auto loans, and student loans in 2017.Would recommend for anyone that wishes to learn about the housing crisis, wants an inside look at the finance world, or is just fascinated with stories like this. 5A Trillion Dollar GemThis book should be all over the place. Aaron Clarey should be doing interviews on Bill O'Reilly and CNBC. If there's justice in this world, Aaron Clarey will find himself sipping some tropical fruit drink on a sandy beach in Hawaii, living off the dividends to well timed investments made possible through his bestseller booksales.This book is the greatest triumph of a trillion dollar "I Told You So." Some of us, in our day to day lives, will successfully predict some mundane event. A friend keeps dating the wrong girl and getting his heart broken, a Democrat proposes to raise taxes, Spike Lee produces another movie no one watches.Few of us will ever get the honor of seeing an entire industry fail simply because they didn't take our advice. Aaron Clarey, for the rest of his life, will be able to say "I was there when banks were about to crash, and I warned them."As an analyst for several banks and credit unions in the Twins Cities leading up to the housing bubble, Clarey was the one who would run the numbers on housing loan proposals. It was here Clarey learned of and warned about the coming housing crash, much to the chagrin of his superiors.In his book, Clarey creates a narrative of his career in the banking industry as he moves from job to job in search of common sense. Idiot managers, thoughtless MBAs, creepy developers, greedy bankers, fraudulent brokers, all get in his way. In the end, Clarey shows how the fundamentals of banking were ignored at every level throughout the entire economy and how taxpayers ended up footing a $1 trillion bill.The book is filled with graphs and charts showing exactly how the bubble was formed and how it burst. At times the book reads quickly as a novel, an entertaining one. At other times, it reads like an econ textbook and some might find it a bit dry. Luckily, the dry parts account for only about 10% of the book.Something else the reader should understand, the book was self published. The typography is not professionally done nor did Clarey receive the benefit of having three or four editors to make changes to improve readability. Readers shouldn't let any of these aesthetic issues fool them, this is a great book.If you really want to know what happened in those banks across America which lead to a trillion dollars of inflation and tax increases and which is leading the greatest country in the world on the road towards a recession, you need to read this book. 5Worth ReadingJust finished reading the book, and I recommend it. I have problems with it, but still give it 5 stars because it is a valuable contribution to economics. My main problem is that Clarey says not to completely blame the Fed for the housing crash. I disagree. They were 100% responsible. So why the high rating?In Austrian economics we blame central banking for the boom/bust cycle and we attribute it to "misallocation", and lately "moral hazard". Clarey provides a first-hand account of what that looks like -- indeed a valuable contribution. It is a vindication of what we have predicted and it provides the gore-ey details.However with regards to my disagreement with Clarey, let's suppose that the Fed had been restricted to its original charter -- providing loans to handle duration mismatch during crisis's. And let us suppose that interest rates were set by markets depending on paid-in capital and deposits of gold or silver. Further let us suppose that banks could only loan out said paid-in capital and deposits, and that there was no interbank market financed and set by the Fed. What would have happened to interest rate? They obviously would have risen right when the Fed was cutting rate. Could reverse-am loans and other liar loan products even exist? No. The Fed in its current revision is the problem 5if you want to get a better grasp of what transpired into the years leading to ...Aaron Clarey's book "Behind the Housing Crash: Confessions from an insider contains various topics from the primary financial system of banks to specifics in different ratios corresponding to different banking metrics such as Housing Supply to Equilibrium,Loan to value, and equity based loans. The way Clarey attempts to cover these range of topics is by providing anecdotal situations as well as providing an analysis into what made these loans unsuitable for transaction,while correspondingly providing a statistical overlay that would support his conclusions when diving into his central themes of economics; for example, during his underwriting times, he mentions individuals inflating home asset prices in order to use this fabricated value as collateral for an supplementary loan proposal, he dives into why the specific property was inflated and then after providing additional examples, he provides the reader with statistics on the overall marketplace so that the bigger picture is more evident. In conclusion, if you want to get a better grasp of what transpired into the years leading to the 2008 financial Crisis; this book will give you a solid foundation of the economics from a human point of view. 5Very enjoyable read, lot of good facts, not as dry as you'd think_Behind the Housing Crash: Confessions from an Insider_ describes the causes, symptoms and some immediate consequences of the overly optimistic bank lending policies which were common for the last eight or nine years at most U.S. banks. It is a fascinating book which I would recommend to most readers, and especially to anyone thinking of buying a house or who is entering the corporate world for the first time.The author, Aaron Clarey, is an economics and finance consultant and teacher who worked for nine years at various banks and credit unions in the Minneapolis / St. Paul area of Minnesota. While he cites a large number of facts and figures regarding general trends in lending, home ownership, and home finances, he also writes about his own personal experiences while working in that field. This creates a very readable balance between general theory and personal anecdote. His writing style is conversational with more than a bit of humor. In the book, Clarey discusses some of the historical foundations for the current housing and banking problems, the sociological factors, historical trends, and how all those played out on a large and small scale in the banking, home-building and home-buying industries.But there are two things which make the book a standout (and one that I will likely recommend to a number of friends and have already decided to give to one friend as a very late Christmas gift):1) There is an amazing amount of very useful detail about the inner workings of the banking system, or at least how it is supposed to work. For instance, while I see a lot of credit unions around and know that they are somehow different than a bank, I was not aware there is a functional hierarchy, with credit unions usually getting the smaller and/or riskier loan applicants who had been passed over by the bigger banks. I knew that car salesman will sometimes bring along repeat customers with them as they change employers, but I was unaware this frequently happened with bankers too. Clarey also gives a lot of in-depth information about why and how to use such tools as absorption studies, price-to-rent and price-to-income ratios, and LTV ratios when considering whether to buy or sell a house.2) _Behind the Housing Crash_ is also a series of case studies on bad management practices and what signs to watch for when you are wondering if it is time to leave a particular boss, company or industry. There is a discussion of how important morale is to productivity and how simple things like a pleasant atmosphere, consistent procedures and supportive supervisors can vastly improve morale -- or destroy morale and productivity if those things are missing. There is a discussion on how promoting people based not on qualifications but based on family relations (nepotism) or who their friends are (cronyism) ultimately destroys a company's potential. There is also a discussion on why it is a bad sign when a boss is profligate with their subordinates' time and energy because the boss hopes if this subordinate will "write it up anyway" enough times, somehow the loan will suddenly seem profitable. All of these behaviors and many others described by Clarey are common in white-collar settings and usually point to some level of management getting so concerned with appearances or fads they lose sight of the underlying purpose of the business -- in the case of the banks and credit unions Clarey worked for, they lost sight of the fact they were in business to make money and you don't make money on loans unless you loan to people you know will pay you back with interest.Clarey's entire discussion of the "Thin-Skinned Economy" is well worth reading too.Clarey's conclusions are well argued and he backs up his arguments with a large array of facts, figures, and information on historical trends. While I don't always agree with his pessimism about how this will all play out in the long run, I thoroughly enjoyed his book and happily give it five stars. 5An entertaining and informative rideThe 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. 5
    Behind the Housing Crash: Confessions from an Insider

    Behind the Housing Crash: Confessions from an Insider

    4.3
    You can't add more than 500 quantity.
    €48,00
    €48,00
    €78,00
    Sold out
    Save 38% (€30,00)