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Member You - What Really Happened in the Subprime Mortgage Market
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In plain English? Loan officers were involved in
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Quite a bit of commentary as to the effects and affects of the related markets. I think that the answer to the question "What happened?" is a lot more simple than analysis of various economic indicators. Greed is what happened. That is the one word answer to which everything ultimately boils down. However, I know that I need to qualify that broad brush stroke with some evidence and specifics.
I am sure that one could argue that there are a number of facets involved in the so-called, collapse of the subprime market. As a brief aside, the subprime market has not in any way collapsed. However, there are several companies within the subprime arena that have indeed collapsed. At any rate, I think Paretto's Principle applies here as it so often does in most situations. The fact is that at least 80% of the problem had to do with Greed, Irresponsibility, Lack of Ethics and Integrity and lack of Education and Training. What happened? Loan officers around the country knowingly put borrowers in harm's way. Loan officers helped scheme and package so called "stated" loans where income verification was waived allowing loan officers to inflate income on the application to keep the balance of debt to income (or DTI ratio as it is known in the business) within underwriting guidelines.
In plain English? Loan officers were involved in
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I am sure that one could argue that there are a number of facets involved in the so-called, collapse of the subprime market. As a brief aside, the subprime market has not in any way collapsed. However, there are several companies within the subprime arena that have indeed collapsed. At any rate, I think Paretto's Principle applies here as it so often does in most situations. The fact is that at least 80% of the problem had to do with Greed, Irresponsibility, Lack of Ethics and Integrity and lack of Education and Training. What happened? Loan officers around the country knowingly put borrowers in harm's way. Loan officers helped scheme and package so called "stated" loans where income verification was waived allowing loan officers to inflate income on the application to keep the balance of debt to income (or DTI ratio as it is known in the business) within underwriting guidelines.
In plain English? Loan officers were involved in
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In plain English? Loan officers were involved in
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In plain English? Loan officers were involved in
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In plain English? Loan officers were involved in lying about how much money a borrower really made so they could be approved for a home loan. Reminder: A loan, that if the underwriters actually knew what the income was....would decline the loan! Here is the real problem, by the way. It's not the poor lender, who ultimately was lied to....it is the borrower, who with the help of or at the advice of...got a loan that greatly exceeded their ability to repay. They were doomed the minute they signed the application.
In many cases the loan officer knew that there was no way that this borrower or this family would ever really "survive" the loan...but hey, the borrower wanted it....so they got it! So integrity and ethics were sacrificed for the commission from a loan that likely will be the stranglehold that chokes the life out of the family's finances. In some instances the loan officer just didn't know any better. That simply attests to the lack of training so many in our business get. Can you imagine? It is estimated that as many as 78% of all of the loan officers in the business today, has less than 3 years experience!
This is not so much a Subprime issue as it is a "Stated Loan" issue. Certainly, the fact that t
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