{"product_id":"9781683782117","title":"Summary of The Big Short: by Michael Lewis Includes Analysis","description":"\u003cp\u003e\u003cstrong\u003eInside this Instaread Summary:\u003c\/strong\u003e\u003c\/p\u003e  \u003cp\u003eOverview of the entrie book\u003c\/p\u003e  \u003cp\u003eIntroduction to the important people in the book\u003c\/p\u003e  \u003cp\u003eSummary and analysis of all the chapters in the book\u003c\/p\u003e  \u003cp\u003eKey Takeaways of the book\u003c\/p\u003e  \u003cp\u003eA Reader's Perspective\u003c\/p\u003e  \u003cp\u003e\u003cstrong\u003ePreview of the earlier chapters:\u003c\/strong\u003e\u003c\/p\u003e  \u003cp\u003e\u003cstrong\u003e Chapter 1\u003c\/strong\u003e\u003c\/p\u003e  \u003cp\u003eIn December of 1991, Steve Eisman was working for Oppenheimer and Co. as an analyst and became\u003c\/p\u003e  \u003cp\u003eknown for his knack for ignoring consensus, an analysis of a stock’s future sales and earnings.\u003c\/p\u003e  \u003cp\u003eIn the early 1990s, the Salomon Brothers trading floor began a whole new bond market by packaging\u003c\/p\u003e  \u003cp\u003emortgages into bonds. In this way, they began to tap the unused equity many people had in their\u003c\/p\u003e  \u003cp\u003ehomes, driving the interest rates of mortgages so low that even those with less than perfect credit could\u003c\/p\u003e  \u003cp\u003eget low rates. This led to a surge in subprime mortgages, mortgages offered to those with poor credit\u003c\/p\u003e  \u003cp\u003eratings. Subprime mortgages were then packaged into bonds and sold to investors.\u003c\/p\u003e  \u003cp\u003eEisman hired accountant Vincent Daniel to help him decipher the suspicious accounting used by\u003c\/p\u003e  \u003cp\u003esubprime mortgage originators. Daniel discovered companies were booking profits for expected future\u003c\/p\u003e  \u003cp\u003evalues of loans, and prematurely displaying themselves as profitable. However, they were failing to\u003c\/p\u003e  \u003cp\u003ereveal the delinquency rate of the home loans they were making, claiming that they were selling these\u003c\/p\u003e  \u003cp\u003eloans to be packaged as bonds, so their risk was limited. An example of this was Long Beach Savings,\u003c\/p\u003e  \u003cp\u003eone of the first banks to implement what was called the originate and sell method, a method of\u003c\/p\u003e  \u003cp\u003eoriginating a loan that was likely to be defaulted on and sell it to another lender, but leave it\u003c\/p\u003e  \u003cp\u003eon the books to appear as profit...\u003c\/p\u003e  \u003cp\u003e\u003cstrong\u003e About the Author\u003c\/strong\u003e\u003c\/p\u003e  \u003cp\u003eWith Instaread Summaries, you can get the summary of a book in 30 minutes or less. We read every\u003c\/p\u003e  \u003cp\u003echapter, summarize and analyze it for your convenience.\u003c\/p\u003e","brand":"Instaread, Inc","offers":[{"title":"Default Title","offer_id":47149959905520,"sku":"9781683782117","price":4.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9781683782117_p0.jpg?v=1763702647","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9781683782117","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}