A Crisis of Human Proportions
Ethics and Behaviors
When Sheila Smith got a look at what she thought was her dream home, she didn’t hesitate to take it.… It wasn’t long before the dream became a nightmare.… Although Smith and her husband were “viable citizens with good credit,” they were quickly steered into an expensive subprime loan with ballooning payments and hidden fees that they couldn’t keep up with. Their home’s builder was indicted and the mortgage broker was quickly revealed to be collaborating with the builder to, as Smith put it, “unload crappy homes for pretty quick money.”
Bosworth1
The truth is that many of us in the industry were deeply distressed by the growing practice of pushing high risk loans on borrowers who had ...
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