|
Mortgage Meltdown
|
View this Thread in Original format
| JOEBIALEK |
Until recently I was an underwriter for a sub-prime mortgage company that is about to close. It seems that most media outlets and government officials fain ignorance about the real underlying cause of the problem. There is either a tendency to blame the borrower or act as though no one in the industry {or outside of it} saw this coming. They fail to mention that those who gained the most financially got off scot free while leaving the mess behind for everyone else to clean up. In my former company, the sales managers and loan officers "held the keys to the safe" while deciding which guidelines to ignore sometimes going so far as to bribe fellow underwriters to "look the other way". Sales managers often overrode an underwriter's decision they did not agree with. Other times fellow underwriters would be threatened with their job for "impeding company growth and progress" just because they refused to go along with the flagrant disregard of guidelines . I complained to the sales managers about the bribing but all I got was a formal write-up for making "inappropriate comments".
There was absolutely no support from the owner of the company all the way to the human resource representative. This company is as corrupt as they come. I can't tell you the number of sexual affairs that occurred between married and unmarried people; primarily among the management staff {at the workplace itself}. Promotions were strictly political thus moving people "up the ladder" who never proved themselves worthy or were on a final written warning to be terminated {for poor performance}. As a result of the corrupt management of this company, I and several hundred others were laid off. I believe the federal government needs to investigate this company and bring to trial those corrupt individuals who broke the law. This would set an example for the rest of the mortgage industry that absolute corruption corrupts absolutely. |
|
|
| Dervish |
| Sounds an extreme example, but kinda happens everywhere really. The system sucks. I know here customers (lower level transaction than you were at obviously) were/are told to lie often about their earning by the lenders... because they get commission (blame and liability free - for the lender). The silly thing is to assume it wouldn't happen really. |
|
|
| Krypton |
| quote: | Originally posted by JOEBIALEK
Until recently I was an underwriter for a sub-prime mortgage company that is about to close. It seems that most media outlets and government officials fain ignorance about the real underlying cause of the problem. There is either a tendency to blame the borrower or act as though no one in the industry {or outside of it} saw this coming. They fail to mention that those who gained the most financially got off scot free while leaving the mess behind for everyone else to clean up. In my former company, the sales managers and loan officers "held the keys to the safe" while deciding which guidelines to ignore sometimes going so far as to bribe fellow underwriters to "look the other way". Sales managers often overrode an underwriter's decision they did not agree with. Other times fellow underwriters would be threatened with their job for "impeding company growth and progress" just because they refused to go along with the flagrant disregard of guidelines . I complained to the sales managers about the bribing but all I got was a formal write-up for making "inappropriate comments".
There was absolutely no support from the owner of the company all the way to the human resource representative. This company is as corrupt as they come. I can't tell you the number of sexual affairs that occurred between married and unmarried people; primarily among the management staff {at the workplace itself}. Promotions were strictly political thus moving people "up the ladder" who never proved themselves worthy or were on a final written warning to be terminated {for poor performance}. As a result of the corrupt management of this company, I and several hundred others were laid off. I believe the federal government needs to investigate this company and bring to trial those corrupt individuals who broke the law. This would set an example for the rest of the mortgage industry that absolute corruption corrupts absolutely. |
What company was it? You left out the most important part...:rolleyes: |
|
|
| Fir3start3r |
| quote: | Originally posted by Krypton
What company was it? You left out the most important part...:rolleyes: |
Ever heard of libel? ;) |
|
|
| Shakka |
| Please tell me it was Fremont! Those ******s should all be in jail! |
|
|
| Krypton |
| quote: | Originally posted by Fir3start3r
Ever heard of libel? ;) |
Whose being libeled? |
|
|
| Lebezniatnikov |
| There was an article in African Studies or some such publication recently about how African governments are crying foul over the American mortgage practices. It's tightening up credit all across the world, and though it doesn't affect the big economies so much (yet) it is having a negative affect on economies in the developing world that rely on loans. |
|
|
| Fir3start3r |
| quote: | Originally posted by Krypton
What company was it? You left out the most important part...:rolleyes: |
:wtf:
Do I really have to answer that?
/hopes you're being facetious... |
|
|
| Krypton |
| If it's a joke, I don't get it...:( |
|
|
|
|
