Your summary is basically the same as I see it, except for one thing:
The few honest mortgage brokers out there have been persecuted, and even prosecuted for NOT making bad loans to unworthy clients.
“The few honest mortgage brokers out there have been persecuted, and even prosecuted for NOT making bad loans to unworthy clients.”
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I’d like to see a citation for this as I have never heard of a banker being prosecuted for not making a loan.
My criticism of the post is that this takes all the repsonsibility away from banks and mortgage brokers who were making bad business decisions.
I can’t help but think of that scene from Animal House where Bluto (Belushi) tells Otter, “You f&#$ed-up kid. You trusted us.”
Little is being said about responsible banks that used good judgements and made only supportable loans. Those guys are getting screwed as the bankers with bad judgement are getting bailed out.
Abso-effin-lutely. And if broker A tried to counsel these unworthy clients as to why getting this type of loan was a bad idea, unworthy client just went down the street and got it from broker B. Broker A then not only had to worry about losing future business from the referral source but possibly being turned in for discrimination.