I posted this on another blog but thought it was worth sharing...
You can't put all the blame on loan officers. Some of the blame has to fall on the system that allowed some of those loans to close. I've been in this business a long time now and seen a whole lot of finger pointin... Your are right about that trickle down effect. That trickle flows pretty good when it comes to passing the blame. Banks are in so much trouble due to their own system. And Greed, can't forget that one!!! Being in the business, there was not as much fraud and things along those lines as Banks would have you believe. Not saying it wasn't there, because it was and still is, but everyone wants to pass the blame on to others. The bottom line was, banks were offering loan programs that made it possible for borrowers to qualify for loans they should not have qualified for. Case in point, Stated W-2... Which means, " Hey ya'll, I really don't make the money to pay this loan back, is that gonna be a problem???" You offer programs like that, of coarse brokers are going to take advantage of it. But, who is to blame? The Bank or the Broker... No matter who points where, the answer is BOTH... Not one or the other.... You should have to take the borrowers ablility to re-pay a loan into the equation reguardless of program guidelines... Banks want to scream fraud, and misleading information. What did they think would happen with programs like that? If you tell me you don't care how much money I really make and to just tell you a number, don't get mad and call me a liar, when I can no longer afford the payment. You plainly said, you do not care. I'm not defending either side, I'm just doing what I do best. TELL IT LIKE IT IS... Everyone should take responsibility for thier own stupidity and bad judgement...
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