Education
Cornell University.
Cornell University.
A subprime lender, Bitner collaborated with mortgage brokers from 2000 to 2005. Bitner and his friends started a mortgage business, Plano-based Kellner Mortgage Investments, in September 2000. They hoped to aid people who lacked the financial standing to receive loans, and in the process, gain profits after those people became homeowners.
Each year, the company loaned $250 million to people.
After closing loans, the company would sell them to larger lenders, including Countrywide Financial. Bitner received a six-figure salary for several years beginning in 2002.
In 2008, he stated: "Most of that income I never actually saw because I had to put it back into the company to capitalize the loans.".
Quotations: "Most of that income I never actually saw because I had to put it back into the company to capitalize the loans." Books In his 2008 book, Confessions of a Subprime Lender, he discussed how their salutary aims were overridden by a hunger for financial gain. Brokers "gamed the system".