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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.

Join The Conversation
ilanac13 ilanac13 8 years
well i think that it was a disaster waiting to happen, and i guess everyone's in it for their own uses right? it's nice to see some light being shed on things and we can always count on jon stewart to be humorous about it.
stephley stephley 8 years
I would like to either read the book or see an interview with this guy without the jokes (I love Jon, but I am confused by all the accusations about whose fault this is).
bluebellknoll bluebellknoll 8 years
Jon Stewart is great!
bellaressa bellaressa 8 years
I'm glad this guy decided to come clean and make a little money; however, this is nothing new.
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