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Rich Man, Poor Bank: The Inside Story of Mark Quann's Fight Against the Financial Establishment

Duane Kelly

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Published in Rich Man Poor Bank Mark J Quann

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In the summer of 2007, Mark Quann, the founder and CEO of Regent Pacific, was at the top of his game. His company was one of the largest subprime lenders in the United States, and he was worth hundreds of millions of dollars. But within a matter of months, everything came crashing down. The subprime mortgage market collapsed, and Regent Pacific went bankrupt. Quann lost everything.

Rich Man Poor Bank

by Mark J Quann

4.7 out of 5

Language	:	English
File size	:	431 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	104 pages

But Quann didn't give up. He fought back against the banks that he believed had caused the financial crisis. He testified before Congress, wrote a book, and even started a new company. His story is a cautionary tale about the dangers of the financial establishment, and it's an inspiring example of one man's fight against the odds.

The Rise of Regent Pacific

Mark Quann founded Regent Pacific in 1997. The company specialized in subprime lending, which is lending to borrowers with poor credit histories. At the time, subprime lending was a booming business. The housing market was on fire, and banks were eager to lend money to anyone who could fog a mirror.

Regent Pacific was one of the most aggressive subprime lenders in the country. The company made loans to borrowers with low credit scores, high debt-to-income ratios, and even no income at all. Quann believed that these borrowers were underserved by the traditional banking system, and he was determined to give them a chance to own a home.

Regent Pacific's business model was simple: make as many loans as possible, and then sell them off to investors. The company made its money from the fees it charged for originating the loans. Quann didn't care if the loans went bad, because he didn't have to hold them on his books. He just had to keep making new loans to generate new fees.

Regent Pacific's business model was successful, at least for a while. The company grew rapidly, and Quann became one of the richest men in America. But the good times couldn't last forever.

The Subprime Mortgage Collapse

In 2007, the subprime mortgage market collapsed. The housing market started to decline, and borrowers began to default on their loans. Regent Pacific was one of the hardest-hit lenders. The company's stock price plummeted, and it was forced to file for bankruptcy in 2008.

Quann lost everything in the collapse of Regent Pacific. He lost his fortune, his company, and his reputation. But he didn't lose his fighting spirit.

Quann's Fight Against the Banks

After the collapse of Regent Pacific, Quann vowed to fight back against the banks that he believed had caused the financial crisis. He testified before Congress, wrote a book, and even started a new company.

In his book, "Rich Man, Poor Bank," Quann argues that the banks were responsible for the subprime mortgage crisis. He says that the banks made reckless loans to unqualified borrowers, and then sold those loans to investors without disclosing the risks.

Quann's fight against the banks has been an uphill battle. The banks have powerful lobbyists and armies of lawyers. But Quann has refused to give up. He has become a leading voice for reform of the financial system.

Quann's Legacy

Mark Quann's legacy is still being written. But he has already made a significant impact on the financial world. His fight against the banks has helped to raise awareness of the dangers of subprime lending. And his work has helped to lead to reforms of the financial system.

Quann is a reminder that even one person can make a difference. He is an inspiration to all who are fighting against the powerful and the corrupt.

Rich Man Poor Bank

by Mark J Quann

4.7 out of 5