Why did mortgage lenders practice predatory lending?
I thought in business school, you are taught an ethics class. Where were the business ethics?
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"Business ethics" fell by the wayside when the frenzy picked up momentum to downsize out of jobs the middle class.
Now they are scrambling around trying to find who will qualify for a mortgage, and the pickins are slim if non existent.
Why do they practice predatory lending?
Because they can.
There is a glut of houses, a glut of capital to lend out, but nobody qualified anymore to handle large debtloads due to lack of sufficient income from jobs.
Got that?
Government officials want your vote, but don’t understand this.
because they made a lot of money from it, but look what happened to Americaquest, sued by 49 states and the district of columbia for it. Think it was for around $324million, oh and the wrote the check
Have you worked or been to any kind of business lately? What I’m trying to say is, I understand how you feel. I am in college and have had the ethics classes too. However, I don’t think that alot if not most business’s care about ethics, they care about money! It’s sad but true!
Most did not practice Predatory Lending – a few did. Sub-prime lending is not necessarily predatory in nature and many did sub-prime business.
I have been in the biz for over 14 years as a broker, and was never predatory. However, I did have my lenders try to push unreasonable products often. Even more, I have had clients try to lie and hide details to try to get approved for something that they simply did not qualify for. A big part of my job was trying to find out their discrepancies.
Even more clients would push and push on guidelines and do almost anything to get a loan. We turned down many who simply went to the next guy to get a loan they didn’t deserve. The lure of home ownership was stronger the the urge to earn more money for MANY of these foreclosures