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Confessions of a Subprime Lender

Veteran mortgage lender and author of Confessions of a Subprime Lender Richard Bitner was a guest on The Daily Show the other day. Jon Stewart calls the book "fascinating and disturbing" and gets some answers from Bitner about what exactly is a subprime loan and how our lending system became the disaster that it is today.

When discussing why people with less than perfect credit are granted loans with higher interest rates, Stewart jokes, "If you're going to give money to people that have a tough time paying it back, charge them more! It makes total sense." I do love me some Jon Stewart, no matter how depressing the topic at hand — enjoy him and the interesting interview in the video below.

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