The Foreclosure of America: Life Inside Countrywide Home Loans and the Selling of the American Dream

By Adam Michaelson

Book Overview

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 "finance jocks" 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.

• Format: Paperback
• Language: English
• ISBN: 0425233766
• ISBN13: 9780425233764
• Release Date: April 2010
• Publisher: Penguin Publishing Group
• Length: 384 Pages
• Weight: 1.00 lbs.
• Dimensions: 1.0" x 5.5" x 8.2"
• Age Range: 18 years and up
• Grade Range: Postsecondary and higher

Customer Reviews

Eye Opening and Real

I was impressed by the material, the information and the reality of the book. This discusses the situation from an insiders perspective. I am not pleased with what has occurred in America to date regarding our banking problems. This book deals with the realities of how we got here. I recommend this book for those wanting to learn more.

Adn they thought they were so darned smart....

Adam Michaelson's book is an eye opener, to say the least. I have to compare the book to a major water cooler gossip session, laying bare the motivation (greed), politics (of course) and inner workings of Countrywide from someone who was actually ON the inside. For those of us who've watched in horror as this economic disaster has unfolded, the book answers quite a few questions about how the landslide began, and how it evolved into the avelanche that's wiped out the lives of so many. The book is written in such a manner as to make the reader feel as though they're receiving insider trading tips. There are even little excerpts of humor sprinkled liberally throughout the book, which, by the time you run across them, god knows you'll need the laugh. Interesting enough that I read it through without stopping.

The Foreclosure of America

I just received this book and I am astounded at the accuracy in Mr. Michaelson's depiction of the state of our recent economic affairs and what lead to the downfall of our economy. It's a must read book. Not only does it explain how our nation got here, but gives you tremendous insite on what not to do in the future. B-

Extremely Compelling - Couldn't Put It Down

I thought this book was fascinating. It gives a real insider view that is balanced and insightful. It was hard to put down. A very easy read. Considering what is going on now, it should be required reading.

Very eye opening reading

This is a great book one that is very revealing and informative. I couldn't put the book down and would highly recommend it to everyone.