02.02.07
Are You Better-off Today than You were Ten Years Ago?
Are you better off today than you were ten years ago?
Whose fault is it. Let’s blame all errors, poor judgment, misconduct, wrongdoing, transgressions, egregious behavior and crimes on someone else. It’s easier to point the finger than to take responsibility. Sub-prime Mortgages, Predatory Lending, or One in Three closings with Title Problems? Our actions damage the Public and their perception of the mortgage and title industries.
Cases in point:
President of Mortgage Banking Company
The NY Times sites a mortgage banker who “acknowledges that standards were lowered, but he placed the blame at the feet of investors and Wall Street, saying they encouraged Ownit and other subprime lenders to make riskier loans to keep the pipeline of mortgage securities well supplied. “The market is paying me to do a no-income-verification loan more than it is paying me to do the full documentation loans,” he said. “What would you do?”
See NY Times article
Mayor of New Orleans
Mayor Nagin blames race, class, and President Bush for the devastation caused by Katrina.
Global Warming
Beijing shifts the blame for Global Warming on developed countries.
When will we, as individuals in the mortgage and title industries, begin to take personal responsibility for the outcome of our actions? We need to enlighten the public and the media that subprime lending and fast-and-cheap titlework is NOT okay. Just because someone suggests you do something unethical (give the borrower a mortgage that doesn’t fit but makes you money, or do a last-deed-of-record only title search) doesn’t mean it’s the right thing to do. We will all pay the price.
Take individual responsibility for your actions, and quit pointing at everyone else. Take a good look at your situation. Are you better off today than you were ten years ago?