Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market Review

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Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market ReviewThis book confirms what most people within the housing industry already knew, that Dan Immergluck is perhaps the preeminent authority on all things related to the most recent crises currently plaguing the housing industry. The author lends a lot of credibility on the subject matter, given that he has been researching the effects of foreclosed properties for several years now and is not simply an example of the researcher who latches on to the most recent "flavor of the day". Given that the current foreclosure tsunami within the U.S. is nearing the three year mark, I would encourage all potential readers to make room within your summer reading list for this book.

As is typical with much of his earlier work on credit and the lending industry, Dan Immergluck takes a forensic approach of examining how we have gotten to where we are today. As a result, the reader is treated to a thorough historical examination of the banking system and all of those responsible for overseeing its development over the past few decades. Despite his notable dispassionate and evenhanded approach to presenting the material within the book, Immergluck's reporting will surely leave you outraged as to government's and industry's culpability in allowing unprepared first-time homeowners to enter such a vulnerable financial situation. For all those who feel that foreclosure is something that affects "the other guy", Immergluck's book serves as a sobering reminder that the foreclosure down the street has potentially far-reaching implications for even those who are responsible in their homeownership and mortgage situation. This fact alone should cause you to be concerned enough to read this book, for despite its disturbing message on the state of the current American housing market you cannot help but read further.
Andy Carswell, Ph.D.
Department of Housing & Consumer Economics
University of Georgia
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It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions Review

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It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions ReviewThis is an exceptionally well-written account, in detail that doesn't drown the reader, of the actions of the banking and financial industry that lead to the financial meltdown and subsequent economic contraction.
If you have already constructed a good general grasp of the various components at work, Ms. Prins fills in the particulars with a flourish. She correctly points to this being a collapse of a man-made system, fueled by the standard mix of hubris, greed, self-delusion and legislative abandon -- only it's a system that tossed trillions of dollars into a waiting black hole, inevitably touching the lives of tens -if not hundreds- of millions of people.
This is the *best* writing on this debacle I've encountered. I'd rate it right up there as commentary with David Cay Johnston's 'Perfectly Legal' and his 'Free Lunch'. But it's far more than simple commentary; Ms. Prins knows exactly what she's writing about.
It's better than Taleb Nassim's 'The Black Swan' and outdistances James Galbraith's 'Predator State' and Thomas Frank's 'The Wrecking Crew' as a precise commentary on the enemy that has grown and prospered in our midst. Gillian Tett's 'Fools Gold' was a good explanation of the creation -and subsequent rise and abuse- of derivatives in the financial world, but lacks Ms. Prins' comprehensive view, from on high, of the high-octane transmogrification of the banking and financial industry over the past ten years from a service industry into a manufacturing industry designing, producing & marketing a new breed of "securities" built by rocket scientists that blew up after launch but nonetheless produced oodles of bonuses and fees for these firms and their CEOs.
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