IRRESPONSIBLE DECISIONS?

"The one who is punished is no longer the one who did the deed. He is always the scapegoat." - Nietzsche (1844-1900)

"THE HOUSING CRISIS! THE HOUSING CRISIS! AAAAAAAAAAAAAAHHHHHHHHH!"

I am so sick of hearing about whose fault this is? "Personal responsibility" this, "Irresponsible decisions" that! And I have a problem with the same people who BUY the right to DEREGULATION blaming people they practically harrassed to get their "business." It's rather interesting how the FCC had to implement a DO NOT CALL LIST in response to the endless calls by countless mortgage companies, who hire very talented salespeople. And of course they all have the "lowest rate," but won't tell you what it is.

I've worked for three different lenders in the sub-prime universe. Two are now bankrupt, the other bought by BOA. I say universe because of my experience specifically at AMERIQUEST MORTGAGE COMPANY. Based on all my knowledge and experience of this supposed surprise consequence of inventing a new business based on predatory lending and "emotional sales" tactics, AMC started this Gangsta Shit.

Proud Sponsor of the American Dream, sponsored the Super Bowl, NASCAR, their infamous "DON'T JUDGE TOO QUICKLY" commercials, "you're more than a credit score," "it's OK to make mistakes," ...it was quite a culture. And the Godfather of all this, the late Roland Arnall, Forbes 85. I'm not one to spit on somebody's grave, but when someone requires you to sign a silence order for 2 years after he sends his cronies to fire you IN THE AFTERNOON, after months of promoting the opposite on weekly conference calls, that's shady to say the least.

The pressure put upon salespeople and managers was intense. LOTS of money on every level. An unofficial marker was the number of DIALS one would have, especially if you don't have a SALE. Competitions, POWER HOURS, UNIT bonuses, SPONSORED LUNCHES. Most salespeople have college degrees. To think that targeted-clients, based mainly on education level, cannot be manipulated into something they do not understand is against their best interest, is to be very ignorant of the power of the sales techniques. The basis is getting PERSONAL, and getting the customer to LIKE YOU, be LOYAL to you, to TRUST you. You then come to an agreement in principle, the PAPERS get mailed as required by RESPA, then you GO TO THE TABLE. A goal at AMC was to CLOSE A LOAN in less than 24 hrs. Legally impossible, but frequently done. Forged signatures, COPY/PASTE, STATED LOANS, AVM's, APPROVED APPRAISERS. This was a very aggressive industry.

This fact cannot be swept under the rug when it comes to any debate on placing blame. One last thought about AMC: Roland Arnall was a Bush cronie, appointed to be the Ambassador to Holland after being a major fund-raiser.

Is it really irresponsible decisions made by the people, or the calculated manipulation of the market by the bankers at fault here?