A great article by Huliq focuses on the mortgage blame game. “You can blame who you want but mortgage lenders made these products available to mortgage companies who hired individual mortgage brokers with no formal education to sell the mortgage product that made the mortgage lender, the mortgage company and the mortgage broker the most money with total disregard to the consumer” says part of the article. We recommend reading the entire narrative, as this assessment is right on the money.
Anyone who ever worked in sales knows the quote is absolutely correct. There is little concern for long term impact on the consumer. Those who have been in sales also know sales managers often tell sales reps (in this case the mortgage brokers) about the upside of what they are doing. When that fails, the standard motivational ‘talk’ includes “if you don’t do it someone else will do it, so make the money.” Some sales jobs are not for the weak at heart, or those with a consciense. To that end we define ‘consciense’, courtesy of Wikipedia:
Conscience is an ability or faculty or sense that distinguishes whether our actions are right or wrong. It leads to feelings of remorse when we do things that go against our moral values, and to feelings of rectitude or integrity when our actions conform to our moral values. It is also the attitude which informs our moral judgment before performing any action. The extent to which such moral judgements are based in reason has been a matter of controversy almost throughout the history Western philosophy
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This article, Mortgage game may not be for those with a conscience, is just one of our articles from our Mortgage Crisis Daily
The Subprime Mortgage Crisis Before, During, and After
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