The Foreclosure of America

Watch for me discussing my book on the PBS book show “Between The Lines with Barry Kibrick”; check your local listings

Latest Media Appearances:

PRI/NPR “MarketPlace” (National)

http://marketplace.publicradio.org/display/web/2009/01/06/pm_countrywide_q/

WMNF (Tampa, FL)

http://www.wmnf.org/news_stories/a-financial-insiders-view-of-the-mortgage-crisis

Air America (National) – The Thom Hartmann Show

http://airamerica.com/content/thom-hartmann-foreclosure-america

Dennis Prager – Nationally Syndicated Radio Show

http://townhall.com/TalkRadio/Show.aspx?RadioShowID=3&ContentGuid=2c9f8449-c490-4045-a3ac-627a15db9c36

NPR “Conversation” (National)

http://www.kuow.org/program.php?id=16678

a Comment posted on WSJ.com related to my blogged interview:     “Appreciate the author’s willingness to acknowledge his share of the blame. Don’t see much of that. However, was more intrigued by his “Where’s the outrage at the death of personal responsibility?” sentiment. Borrowers themselves are the ones most directly responsible for their own lives and decisions. Even reckless, ill-informed decisions about mortgages that destroy ones personal finances. Troubled borrowers are not child-like victims. Thought the author made a very insightful, gutsy observation for a public interview.

An interesting excerpt from Obama’s recent speech about the crisis:     “This crisis did not happen solely by some accident of history or normal turn of the business cycle, and we won’t get out of it by simply waiting for a better day to come, or relying on the worn-out dogmas of the past. We arrived at this point due to an era of profound irresponsibility that stretched from corporate boardrooms to the halls of power in Washington, DC. For years, too many Wall Street executives made imprudent and dangerous decisions, seeking profits with too little regard for risk, too little regulatory scrutiny, and too little accountability. Banks made loans without concern for whether borrowers could repay them, and some borrowers took advantage of cheap credit to take on debt they couldn’t afford. Politicians spent taxpayer money without wisdom or discipline, and too often focused on scoring political points instead of the problems they were sent here to solve. The result has been a devastating loss of trust and confidence in our economy, our financial markets, and our government.   Now, the very fact that this crisis is largely of our own making means that it is not beyond our ability to solve. “

Listen to Tuesday’s “MarketPlace” Radio Interview (PRI/NPR) – CLICK HERE

Welcome to the very first Blog for my new book: “The Foreclosure of America: The Inside Story of the Rise and Fall of Countrywide Home Loans, the Mortgage Crisis, and the Default of the American Dream.”    (Now available on Amazon and whereever fine books are sold.)  My hope is that this forum, like the book, enlightens the debate over the current crisis, allows for the thoughtful sharing of solutions, and adds to America’s understanding of how we got into this mess, and how we get out of it.

My book is the last untold chapter, and the first Inside story, of what arguably is the most catastrophic economic crisis the globe has faced in 75 years.   I felt compelled to tell my true account from within the halls at Countrywide Home Loans, and provide the reader an answer to the question that all of America is still asking, “What on earth were these financial companies THINKING in offering these loans?”  If I did my job right, readers will be right there in the meeting rooms with me, witnessing the crisis being born.  

My hope is that this tale will be read by future generations so that we can prevent it from happening again.  Thank you for reading the book, and this blog, and thank you in advance for your thoughtful contributions to the debate.