An Entitled Nation - A Legal Book Review on the Mortgage Subprime Crisis

One of the best books that I've read on the subprime mortgage crisis has to be one written by Sheri Olefson, a lawyer in the field. Watching here on CSPAN book review prompted me to buy her book, and it was worth every penny. So, I like to recommend it to you as well;

"Foreclosure Nation; Mortgaging the American Dream" by Sheri B. Olefson J.D. L.L.M; Prometheus Books, New York, NY; (2009).

In this book the author explains to us why the entitlement generation has propelled consumers to make such horrendous choices and the government to create such a regulatory nightmare; how this has interfered with free-enterprise and even allowed it to run amuck, promoting unhealthy business dealings.

She starts by showing how everyone in the subprime mortgage collapse was at fault and she comes at this from a legal perspective. She talks about fault from the consumers and borrowers, to the mortgage brokers, real estate people, mortgage companies, rating agencies, investment bankers, FED, banks, bundlers, insurers, foreign banks, Freddie Mack and Fannie Mae, as well as the policy makers, President, Congress, Senators and she spares no one.

There are a ton of interviews in this book, of all involved and lots of advice on how to do it right. How to shop for a mortgage, deal with mortgage brokers, bankers, real estate people. What to do if you get behind, what happens when foreclosure proceedings start, and what the future will hold with the latest round of regulations and changes.

Sheri Olefson, the author, talks about how many of the re-negotiated loans fail anyway, and how many borrowers were duped, or misunderstood what was going on, but still holds the consumers ultimately responsible as well for their choices and their entitlement mindset. I enjoyed the book, as it is very comprehensive and some 500 pages of information. Please consider it.

Lance Winslow - Lance Winslow's Bio Lance Winslow is also Founder of the Car Wash Guys, a cool little Franchise Company; http://www.carwashguys.com/history/founder.html