Greed and a Bad Economy Knock on the Door
by Wendy Shultz
Wednesday, November 21, 2012
MOUNTAIN DEMOCRAT, CALIFORNIA'S OLDEST NEWSPAPER – EST. 1851
Volume 161 • Issue 141
In the vein of John Grisham's "The Firm" Whiteside becomes aware of colleagues undercutting him, conspiracies of greed and a deteriorating housing economy that threatens his dreams and those of the people he loves.
In his first book, Sullivan explores the world of mortgage-backed securities, a world of greed, power and status that Sullivan has seen from his career as a real estate developer.
"In 2005 and 2006, I had five or six projects in the works, but the banks pulled the rug out from under me," said Sullivan. "I had some rental homes and tried to do a short sale with them, but the bank kept losing my paperwork and the whole thing went on and on. I thought, if I'm in the business and have this much trouble, what would it be like for the average homeowner? Things with banks were in such a mess that I thought this was a story a lot of people would have interest in."
With time on his hands and a front row seat at the mortgage meltdown, Sullivan wrote "The House's Money."
"The whole mess started and ended with Wall Street, so I used a trader as the main character. Banks were panicking, hiring a whole bunch of people and not giving them much training to handle things. They had a script to read when people called and no decision making ability, but they could call you and pester you to death. I wanted to give people a peek behind the scenes in my book," Sullivan said.