Examples of unethical and illegal lending practices
Although irresponsible immoral, unethical, and illegal Lending Industry Business Practices, between the 6 year period of 1998 thru 2004, helped create the biggest U. S. real estate market and overall economic boom in history they also helped create the biggest U. S. real estate market and overall economic bust in history as well. The reason being as billions and billions of dollars in borrowed money filtered into the real estate market and overall economy the boom was on. However when these borrowed monies started to result in massive payment delinquencies in late 2004 and early 2005 the bust was on. Now here are some Examples of Lending Industry Business Practices that have led to the development and continuation of Massive Payment Delinquencies in all consumer debt level categories especially real estate ones.
1. Providing consumers with the wrong type of lending
2. Providing consumers with the wrong type of financing
3. Providing loans to consumers fraudulently
4. Providing loans to consumers who were not qualified to make payments
5. Providing loans to consumers who potentially could not afford to make payments
6. Providing loans to consumers with payment schedules that would increase
7. Providing loans to consumers with principle balances that would increase
8. Providing loans to consumers with both payment schedules and principle balances that would increase
9. Providing loans to consumers that would result in payment delinquencies
10. Providing loans to consumers that would result in pre-foreclosures
11. Providing loans to consumers that would result in foreclosures
12. Providing loans to consumers that would result in sheriff sales
13. Providing loans to consumers that would result in tax sales
14. Providing loans to consumers that would result in their filing for bankruptcy
15. Providing loans to consumers that would result in lender workouts
16. Providing loans to consumers that would result in lender short sales
17. Providing loans to consumers that would result in substantial lender losses
18. Providing loans to consumers that would result in substantial mortgage insurance losses
19. Providing loans to consumers that would result in requests for government bailouts
20. Providing loans to consumers that would result in government bailouts
21. Providing loans to consumers that would result in increasing the deficit
22. Providing loans to consumers that would result in increasing taxes
23. Providing loans to consumers that would result in financial disaster
24. Grossly inadequate initial and continuing educational requirements that have resulted in far too many uneducated mortgage licensees permitted to practice
25. Mortgage licensees implementing irresponsible, immoral, unethical, and illegal business practices to obtain purchase, refinancing, and other types of miscellaneous loans for themselves and other silent and undisclosed financial partners,
Believe me there are many, many more that I could list as well.
Not A Good Picture At All
I think you get the picture and its not a good one at all. Irresponsible, immoral, unethical, and illegal Lending Industry Business Practices have significantly contributed to the development and continuation of U. S. real estate market and overall economic Financial Crisis and they are absolutely one of the 5 Major Reasons why massive payment delinquencies have developed in all consumer debt level categories in the United States since late 2004 and early 2005.
Very detailed information concerning 1) the real truth about the current devastating condition of the U. S. real estate market and overall economy, 2) reasons why Americas real estate market and overall economic financial crisis began, and most importantly, 3) solutions that will enable Americas real estate market and overall economy to get back on very prosperous tracks again can be found in my America’s Financial Crisis Solutions Book. This Book is the first of 5 that comprise my U.S. Economic Crisis Solutions Training System.
Respectfully, Phil Mitsch
America’s Economic, Real Estate, Lending And Motivational Coach
Real Estate Industry’s All Time Top Producing Residential Realtor
Cherry Hill, New Jersey
