Comments
Well, did the feds really make the mortage companies do these subprime loans? Who wins in a deal like this?
Was this just a classic example of how you cannot replace white Americans with million of forein, low IQ, uneducated latinos from god knows where?
There should be a government program to keep families together, and reduce abortion, for Americans. The soft-eugenics of endless third world illegal immigration will not hold moral, or economic water.
Posted by at 5:24 PM on March 24
And I suppose that that’s my fault.
Posted by Flaxen-headed Strumpet at 5:43 PM on March 24
Oh, for pity’s sake. What kind of idiot thinks she can buy a house costing almost half a million dollars when she is a cook at a motel? This kind of mental gymnastics is brought to you by the party of self-esteem (YOU can have it all!) just because you are a person. This kind of thinking and reasoning is why the United States is becomming a third-world country. What ever happened to controlling immigration for education and intelligence? Too much to ask?
Oh, and btw, you and I are probably invested in some part of the sub-prime fiasco. Bye-bye 401-K.
Posted by at 5:43 PM on March 24
“My House. My Dream. It Was All an Illusion”
Ditto the conclusion of my previous post on multiculturalism, where I said that most of what surrounds Americans is an illusion that will soon end,and that the liberals and neocons are making sure of it. That’s exactly what happened to the lady quoted above. Who will be next? Not me I hope. We are all to blame because we won’t get involved politically, but spend our time with Oprah, Survivor, Golf, Football, Tennis, basketball and every other “more important” thing. The truth is, if most Americans were awake and angry, rather than making plans to leave the U.S. immigration legal or illegal would immediately stop.
Posted by Bobby at 5:48 PM on March 24
One thing that never gets covered by the MSM, is the number of houses purchased with fake IDs and social security numbers. They are using someone elses social security number so they don’t care, all they have to do is get new fake documents from Pedro, and walk away. It doesn’t affect their credit, if anything it affects the credit of the person who’s real social security number it is. I have no sympathy for these people, none, they have no sense of responsibility, and they’re completely apathetic toward the people whos identity they steal. Why aren’t they being locked up for identity theft? It’s quite simple really, they pay into social security, but they can’t take it out. Say Jaun is using my social security number, under a fake drivers liscence, the government knows it’s not me because the name is different, yet this person is paying into my social security account every paycheck. Where does that money go? I know for a fact this is going on, from my own personal experiences. I filed for unemployment about 5 years ago, and the guy did a printout of what I payed into the system based on my social security number. There was two other names paying into my account, but I was only elligible to withdraw the money from my job. The government also knows that they aren’t me, because when I get that annual social security benefits paper, they’re only including my job and not the others. So as I said, where is the money they’re paying into social security going? Now the unemplyment part is trickier. If Hector starts his own landscaping business, he goes to Juan and gets some fake IDs and SS#s, and lists them as employees, then in the winter months, he lays off these fake employees, and files for unemployment for them, and keeps the money for himself. This is another common scam. They can’t speak English, but they know their way around our system better than most Americans.
Posted by PincheGabacho at 6:06 PM on March 24
I read the article on the Washington Post. Because she was not white she was shown as the victim. This would not happened if she speak and write English. I feel if they don’t speak or write English they do not deserve owning a home. It is because “these kind of people” like her we have this housing crisis and recession
Posted by JSB at 6:19 PM on March 24
A $430,000 home!!?? Gee…why so cheap?! For heavens’ sake, around the time mentioned in the article my other half and I finally decided it just wasn’t the right time to buy as prices were just too outrageous - my income as an Ops manager was more than $80,000 alone! And this woman, a hotel cook that cannot even speak English thinks she can buy a house priced at nearly half a million! I have truly heard it all now…
Posted by HH at 6:30 PM on March 24
“Her loan application sailed through an originator and was accepted by a mortgage company, both specializing in customers with “less than ideal” credit.”
There’s your problem! Any number of potential debtors want to borrow more than they are capable of paying back. It’s up to the lending institution to make responsible loans. What must occur in so many such cases is that quickly after the closing, the corrupt lender bundles the bad debts (renamed as “High-Grade Hedge Strategies” or some such) and resells them to gullible third parties. Lax oversight helps the process. But not to worry, taxpayer bailouts will ensure that corrupt lenders and gullible investors are made whole.
Posted by Ken P. at 6:38 PM on March 24
Those two idiots, Clinton and Bush, bragged about the increases in minority home ownership during their administration. Clinton did his damage, but that Born Again/Recovering Alcholic/C-Student really destroyed this country with his insane spending, both domestic and foreign. Remember when you used to have to have 20% down payment to purchase a home? Anyone with a pulse was buying homes at inflated prices. Of course the bubble had to burst, but who is left holding the bag? Just think of the neighborhood these people ruin with their third world customs. Oh God, Please End Our Suffering under this idiot president!!
Posted by Vito Danelli at 6:42 PM on March 24
Buying a house without first doing all of one’s homework is tantamount to attempting to fly an airplane without first learning how.
Are we reall expected to pity people as absurdly irresponsible as this woman? Perhaps we taxpayers should be expected to insulate them from the consequences of their own lack of judgement.
Posted by Michael C. Scott at 6:48 PM on March 24
“I had such a burning desire to have my own house. I didn’t think about anything else.”
Latinos sure get a lot of mileage out of being dramatic, don’t they? When their aspirations fail, they cry for the cameras and the newspaper reporters and hold out their hands for charity and government programs. Where did I go wrong with having common sense and a work ethic?
Posted by Robert at 7:08 PM on March 24
And the sob stories keep on coming. I can’t get over how the pathetic MSM wants us to feel sorry for these people for basically being dumb*sses. You can’t read or speak English, yet you enter into a legal agreement written in English? The note was $3000 a month and her total income was $4000? You don’t have to speak English to know that that was a bad idea. She saw the paperwork was fraudulent when it said she was married to another man! The truth is she didn’t care and willingly participated in her own fleecing. Now she wants pity. Tough nuggets. She should reap what shes sown. Back to the apartment with you, senora. Try again in 10 years like the rest of us would have to do.
Posted by idareya at 7:29 PM on March 24
I hate to admit it but there is some truth in his article. Real Estate agents and lenders have been making some serious money buy selling over priced homes to these foreigners. Money that the tax payers will end up footing the bill for.
I think most of the support for immigration is from people that have some sort of an angle to make a buck from fleecing these people. Just because the home is in foreclosure doesn’t mean there wasn’t plenty of money made by someone.
This is almost the same as the S&L scam used in the 80’s. Properties sold for far more than actual value and leave the banks holding the paper. This time it’s not the savings & Loan Banks but the mortage companies. It’s basicly the same scam just on a larger scale.
This lady, even though a bit stupid, is not the one that made the money here, it was the low lifes doing the deal.
Posted by Daniel at 8:14 PM on March 24
So she speaks Spanish. So the person who talked her into this loan must speak Spanish.
I have seen these fly-by-night store front operations all over SoCal. Income tax preparation, immigration papers, marriages, divorces, money transher, right down to human smuggling.
A typical case of Hispanics preying on their own kind.
And somehow ‘We The People” get to pick up the mess, pay the tab and get blamed for having a racist system.
Posted by Lucas M at 8:36 PM on March 24
This woman made several horrible business mistakes and she wants us to feel sorry for her? My husband and I worked our butts off to get a sub prime mortgage and recoup credit woes after having a business failure in 2000. When we got out house we worked even harder and sometimes ate out of food banks to pay our mortgage and keep our utilities up to date. My husband trained as a truck driver so that I could stay home with our baby and we refinanced so that we would not have an adjustable rate. We are now planning to sell so that we can cash out and buy acreage in a cheaper part of the country so I think we are a sub prime success story. I could not believe that a woman who makes that little could get a home worth nearly a half million.
Posted by Spartan24 at 10:11 PM on March 24
All these people really thought that they could just barge into our country and have a house in no time. It has taken me years -hell, decades to buy a home.
But we also have to look at the real estate and banking system that sold them the homes. I am sick to death of this nation seeming to become the nation of scams.
Posted by Whiteplight at 10:12 PM on March 24
I got an expensive outsiders peek at the Real Estate game at the height of the market about 8 years ago. What an education. Granted, I didn’t know what I was getting into but in I went.
Three weeks in the classroom and a couple of grand later and I was a registered Realtor. Got a “job” at a big corporate outfit. Where they kept on about “win-win” deals while they charged us about $2,500 a month base price for a desk and chair.
Doing Open Houses was interesting as well.
The first one I did was on a cute little “cabin” beside a river. I was told by the Listing Agent that it was buildable and suitable for year-round living. A man showed up and told me about his sister who was in some desperate situation out East and he was willing to sign the paperwork within days. Then some neighbor came over and told me that it was not buildable and the blueprints I was showing Buyers were some fantasy the owners had drawn up. Not only that, after the recent flooding they had never cleaned out the well and the water was not drinkable or usable. Turns out I had been told lots of lies which I had dutifully published in the local newspaper. The next day I got a call from the man wanting to buy and other investors who wanted to know more. Except that by law I was now representing the Seller and so could not actually tell any of these people the truth.
I went to the office management to ask what I should do and she said, “Do the deal.” I later heard she was into rescue scams where she was offering to help people behind on their payments to keep their houses. She had them sign their houses over to her, charged them rent that went up each month and when they couldn’t pay she kicked them out. Said she never lost a minute’s sleep over it either. This is the meaning of the word “shark” I later guessed.
Then I hooked up with a team where we went to training meetings with a Loan Officer. He told us to bring a VCR into Opens and play a tape telling about his system. We also posted “Ugly Yellow Signs” beside streets to lure in stupid people. And there were also prayer meetings to give us the Biblical perspective and so we could “farm” churches of their gullible as well.
This Loan Officer had nothing but a room, a laptop and some software which I bet cost a lot less than we were paying and he just took and loans and bundled them and pocketed the profits. I bet he was an insider as well.
When I had finally had enough we were in the breakroom one day and one of the Agents who was very successful mentioned that he had never had a valuation by an independent party ever come in under the asking price. Never! In 17 years. That means that they knew if they did come in under the value of the asking price that they wouldn’t be asked to do another one and so they just went along with it.
And we were constantly steered to market to the ignorant. I think it made the stupid Realtor’s feel like they were really smart. But we were being fleeced as much as any dumb creature we were supposed to be looking for.
At last I figured out that we were the “customer.” So after three weird months I left the “profession.”
Posted by Never Been So White at 10:31 PM on March 24
“It was all a mistake. One hundred percent,” Ortiz said recently in Spanish. “I had such a burning desire to have my own house. I didn’t think about anything else.”
Yes, she “didn’t think about anything else,” like learning how to speak English for the nine years she’s been here. And only having $1200 left over after making the mortgage payment is just enough to buy groceries and gas for a month.
Life is hard, but it’s a lot harder if you’re stupid.
Posted by Robert Kelly at 10:54 PM on March 24
Glenda Ortiz, 40, had been struggling for nine years, since the day she fled Hurricane Mitch in Honduras and arrived in the United States to find her “own little piece of soil.”
Two questions:
1) Did she come here legally?
2) If shes been here 9 years, why can she not yet speak English?
As far as the other comments up to this point, I agree with every one of them up to now. She is but one example of the millions that we will be forced to bail out due to her and her husbands stupidity. Also, $3000 a month on a $430,000 mortgage loan? Does that sound right? Seems a little low, considering my $150,000 home runs me $1500 a month, and I got a decent fixed rate mortgage. Of course thats with escrow, taxes, and the likes worked in.
Posted by Cop at 11:13 PM on March 24
And here’s the real kicker, people: taxpayer dollars are going to be spent to bail these mathematically challenged “victims” out of their mortgages.
Posted by Jac0b the Jewe1er at 12:30 AM on March 25
In LA (the “Arm Pit of America”, I know of a woman who is undocumented, that has purchased three homes that she rents the rooms out to other unfortunate, undocumented,suffering individuals.
She is on welfare, her renters are on welfare, but don’t try to turn these people in for welfare fraud. I had called the welfare dept. in LA and was given the GITMO interogation treatment by a Hispanic Woman so I hung up.
Welcome to the “New World”. Oh, don’t forget to pay your taxes, 40 million illegals depend on you.
Posted by LA at 12:54 AM on March 25
We are supposed to pity this woman for the sheer fact that she was complicit in perpetuating a fraud and is now suffering the consequences? It boggles the mind!
I’m sure that a one-story, run-down duplex looked like a castle to her (and I wouldn’t be suprised if she made money on the side renting out a room or two), but I’m sure she could have afforded a decent apartment with her monthly income rather than the “cramped” one she lived in.
Posted by kitty at 1:13 AM on March 25
You people are missing the boat. There will always be non-credit-worthy types who want to borrow more than they ought. Good bankers are supposed to prevent that from happening. But corrupt lenders have made irresponsible loans and then quickly sold the mortgages to unsophisticated investors.
Posted by Ken P. at 3:32 AM on March 25
You people are missing the boat. There will always be non-credit-worthy types who want to borrow more than they ought. Good bankers are supposed to prevent that from happening. But corrupt lenders have made irresponsible loans and then quickly sold the mortgages to unsophisticated investors.
Posted by Ken P. at 3:32 AM on March 25
I read this article when it was first published in the Wash Post. It is typical of the slant taken by this publication calculated to garner sympathy for the Illegal Alien community. How else would one explain the constant appearance and prominent placement of such articles? Hell they are so prominent you’d think the Post was published in Spanish; I guarantee that very few, if any, members of the Illegal Alien community ever reads this paper or could even if they wanted to.
Another quality that these “sob story” type articles possess is the misleading headline followed by the glossing over pertinent facts while they are buried deep within the article. If one goes to the original article you’ll find that these “latinas” are far from being victims, quit the contrary you’ll come to find that they are victims of their own incompetent criminal behavior.
The post makes no mention of their immigration status which is sure sign that their mere presence in this country is an ongoing criminal activity. All the people mentioned that they conspired with them while trying to commit this fraud were also members of this same illegal alien sub culture, nullifying the “no speaka da English” defense.
The article tries to minimize the facts that one “victim” listed someone on her application as being her husband even though she had never been married to anyone by that name. The other “victim” had somehow passed off someone else’s credit report as her own. I know it was just a cultural misunderstanding; they all thought it would be ok to break and enter our country and then commit fraud on a grand scale to the point of affecting the national economy, after all that’s what they do where they came from.
Posted by CSA_ANV at 5:33 AM on March 25
These are the type of financial decisions less intelligent folks will freely make when given the opportunity and this mortgage disaster can be laid right at the feet of the liberal do-gooders in Washington determined to force equality by strong arming lenders to lower their standards towards minorities. Good work.
Posted by Robert at 7:59 AM on March 25
Lets See: I can’t afford to make the payments, I don’t belong in this country, I sneak into a house with some phoney balony mortgage, now I’m losing what I should not have gotten in the first place. Why oh why is America so mean to me?
Posted by Pedro at 8:17 AM on March 25
From the article;
“She no longer dreams of owning a home in America.”
Good thinking amigo. Now it’s time to think about owning a home in Mexico where you belong. Don’t forget to take your husband with you.
Posted by White and proud at 10:36 AM on March 25
The article sounds like something out of Honduras. Wonder why.
Posted by LOGIC at 10:55 AM on March 25
I started serious house-shopping back in August 1995, a year before I bought my townhouse. By June of 1996, I felt I had done enough research to hire a real-estate agent. When she showed me a few townhomes I really liked, I researched what they and other units in their neighborhoods had last sold for, and what they were currently selling for. Then I hired a building inspector to have a look at my favorite. I was particular about only a few features: the place had to have an attached, enclosed 2-car garage; it had to have an unfinished basement for my shop tools; and it had to have gas forced-air heating for the sake of winter economy.
My loan application went through a bank, and not some “mortgage broker” who also sold cosmetics door-to-door. It was a 20-year low-interest, fixed-rate, conventional mortgage. I did not sign loan papers in a language I could not understand, and would have refused, had I been asked to do so. I closed in July on 1996, and moved in the next month, the entire process from start to finish thus taking an entire year. The loan I paid off in less than eight years.
For the prospective home-buyer, the most important advice I would offer is (A) have your credit ducks in a row before you decide you want to buy a house, and (B) do your homework.
Ortiz’s case, like many others in the news today is a classic case of “Act In Haste; Repent At Leisure.”
Posted by Michael C. Scott at 12:22 PM on March 25
If she misses the kid she left behind why not return to her native country and get her kid back then settle down there where she can afford to live?
Posted by at 1:04 PM on March 25
Cop wrote:
“Also, $3000 a month on a $430,000 mortgage loan? Does that sound right? Seems a little low, considering my $150,000 home runs me $1500 a month, and I got a decent fixed rate mortgage. Of course thats with escrow, taxes, and the likes worked in.”
______
My thought exactly. I’m paying $1900 on a 250,000 loan. I couldn’t touch a 400,000 loan for less than 4500 a month.
Posted by at 1:37 PM on March 25
Pedro, it’s called the New World Order, by Bush Senior and others. New World Order: translation, distributing the few pesos that the middle class has to the poor who don’t have, so that the rich will be left alone and on top. Bush Senior, should have been a little clearer about the meaning of “New World Order”. To people like the Bush Family, the Kennedys, the Clintons, etc. the middle class is as irrelevant as it is to the wealthy corrupt Mexican upper class. They are doing their best to take the U.S. in that direction. Ross Perot knew it, that is why Bush Senior had something dug up on him and he dropped out of the race in 92.
Posted by Bobby at 2:19 PM on March 25
Oh, for pity’s sake. What kind of idiot thinks she can buy a house costing almost half a million dollars when she is a cook at a motel?
A cook at a motel SHOULD be able to afford a run-down one-story duplex. THAT should not have cost a half million dollars! And since it did, what does that say about the value of our dollar?
Posted by at 3:42 PM on March 25
Oh cry me a river you illegal stupid dope!!! Like I am suppose to feel sorry for you????? I can’t even think of looking at a home for $430,000 let alone buy one….were you getting the downpayment from dope money or other illegal activities?????HUMMMM
Posted by lydia at 4:46 PM on March 25
Why does everyone think that the taxpayers end up holding the bag on these deals? You think Bear Sterns shareholders who’s shares dropped from 170 to 10 dollars per share in a year are getting bailed out by the federal government?
Riiiigghhhhht.
The immigrants were fleeced. They lose what little money they managed to put down and have nothing to show for the thousands they paid on the note for as long as they actually did pay.
The bank now owns the house- the Mexicans are penniless and on the street. Why should any of us care?
Capitalism is premised on the presumption that a fool will always be separated from his money- that principle is obviously alive and well.
We should all be rejoicing- what happened is justice.
Posted by David Traywick at 5:07 PM on March 25
This is just too funny. Half of the subprime problem stems from the gov’t dictates on “equal opportunity”. Lending institutions have been sued over and over (using feersal statutes) for not giving enough loans to minorities. And we all knew why. They are a huge risk. But the gov’t forced many of them to start making loans to minorities in porportion to their representation in society. Of course in order to do this, and appease the race hustlers and gov’t, they had to make more and more risky loans to meet these demands. Then poof. It all falls apart. Who would have guessed? Look, I sold cars for years and when a black came on the lot, the salepersons ran the other way. Because we all knew we would spend and hour showing them a car. Closing the deal easily only to find their credit was horrible and no cash. Chargeoff’s, repos, etc etc. Of the many blacks I assisted, only 1 could qualify for a loan. And guess what, he had a white wife. Go figure.
And I agree with those that say she is an idiot for buying a $400+ house on a cooks salary. Not rocket science to figure out that was going to end badly. Stop importing uneducated morons into the country. At least choose the best and brightest for immigration.
Posted by at 5:23 PM on March 25
Mrs. Ortiz,
I have a piece of property I’ve been trying to unload for years. It’s a 120 year old two bedroom house, no electricity, no plumbing, partial roof, 1/4 acre, outside toilet. By Latin American standards, it’s a dream home and yours for an incredible $499,999.99. Se hable espanol.
Posted by at 6:07 PM on March 25
I have no sympathy for her at all. Cry me a river.
Posted by at 10:18 PM on March 25
I was paying $692 on a $119,900 loan, but my credit makes me look like an Angel of the Lord.
Posted by Michael C. Scott at 12:54 PM on March 26
How did she get around the appraisal? Mortgage Lenders send an appraiser out to estimate the value of the home. If it’s less than the selling price, the loan doesn’t go through. $430,000 for a run-down, one-story duplex in Alexandria VA should have raised a few eyebrows from the lender.
Posted by at 5:05 PM on March 26
Wow, how about living next to a sub-prime bail-out property? You get to pay your full-price mortgage, but your neighbor in your fully diverse neighborhood gets to keep his house by the govt bail-out give away. Sounds like the making of a civil war to me.
Posted by karmar at 12:25 AM on March 27
The “FIX” of course is us taxpayers are expected to come to the rescue of Ortiz and the other functional illiterates! Lying Hillary wants to saddle taxpayers with another $30 or $40 BILLION to bail out help Ortiz and the other fools who let themselves get suckered into deals like this!
WHY SHOULD TAXPAYERS BAIL OUT EITHER THE MORTGAGE LENDERS OR THE FOOLS WHO WENT IN ABOVE THEIR HEADS?
Twenty-three years ago, Houston was in a realy bad downturn with the near-collapse of the oil industry. I worked, my wife could only land part-time jobs at the time. Yet, we struggled through the dismal two to three years while our Houston economy gradually got better.
No, we did not go wailing to the government for a bail-out or helping hand. We did without. We sold what we could. We paid the monthly mortgage! I worked a job and a half for years.
Nor am I the ONLY White person who had problems like that. The DIFFERENCE is we made it on our own. Without a government “bail-out” like Lying Hillary wants. In typical TAX-AND-SPEND Democrat fashion. Making incredible campaign promises — and why not? LET THE TAXPAYERS FOOT THE BILL!
My BIGGEST gripe is the unscrupulous mortgage lenders —- doing the “correct” thing, lending money to those obviously incapable of ever paying the loan off. Getting fat profits while it lasts — then demanding the government bail them out — because they were “helping” poor minorities buy an “affordable” home.
Posted by Fed Up at 12:38 PM on March 27
The more I think about this case, the more I suspect this woman was an unwitting participant in a fraud scheme.
What I think happened is that the seller of the duplex and the woman who arranged the sale at the grossly inflated price were accomplices in a bank fraud. They find a secondary mark, Ortiz, and have her sign papers she can’t read. The ficticious “husband” in one of the documents was probably used to make Ortiz’ family income look larger, so as to qualify for a $3000 monthly payment, as no real bank is going to approve a $3000 payment for a family with a $4000 monthly takehome.
The bank’s only recourse was foreclosure; and now they’re stuck with an unpaid loan on a piece of property they can sell for only 1/3 of the original loan. This puts the bank about $280,000 in the hole, while the con artists walk away with the same $280,000.
Uneducated non-English-speakers are quite often financially preyed upon by their co-ethnics.
Posted by Michael C. Scott at 1:41 PM on March 27
About 20 years ago we had the Savings & Loan Bailout, a fiasco that cost US taxpayers around $100 billion. For the time that was a HUGE amount of dough. Not anymore. Today mega-bailouts and spending programs are becoming more and more the norm. 19 immigrant terrorists flew a few planes into two New York City buildings and the Pentagon. Cost to us: over $50 billion. Hurricane Katrina floods New Orleans, thanks to incompetent defenses by corrupt local politicians. Cost to us: $100 billion+. Bush decides to look “compassionate” to the press and the boys at Davos and “cure AIDs” in Africa. Cost to us: $30 billion and growing every year. Bush decides to invade and “democratize” some backwoods Third World country where half the people quite literally marry their cousins. Cost to us: $1 TRILLION and climbing.
And now for the mortgage crisis bailout. It’s coming. You know it is. Will the true, total costs to we the taxpayers ever be itemized? I doubt it, but a figure well north of $100 billion wouldn’t be shocking. The big numbers are getting bigger, and far more common.
You wonder why we’re in a mess, why we have to borrow so much, why the dollar is in freefall and why America is falling behind. Incompetent and corrupt politicians are your answer. There are a few truly decent congressmen out there: Sen. Tom Coburn and some others. But most are sleazebags. Whether they’re Republican or Democrat, vote them out this fall. It isn’t your job to prove they’re a failure. It’s THEIR JOB to prove they’re a success. Set the bar high.
Posted by Alan at 8:36 AM on April 1
“Well, did the feds really make the mortage [sic] companies do these subprime loans? Who wins in a deal like this?”
Actually, there are several factors. One is the pervasive “anti-discrimination” and “fair housing” laws. If you’re taking a mortgage application, you have to get the applicant’s race as one of the factors. If he doesn’t volunteer, you have to guess. This is one of the ways the government checks for discrimination against minorities. This is what I call the “push” factor. And let’s not forget the loads of illegal immigrants to make loans to.
Next, the “pull” factor. A few years ago, the Fed was inflating the money supply and flooding the market with cheap credit. Lenders saw this as a great way to extend loans to these protected groups.
Additionally, loan officers have an incentive to issue risky loans. The more in loans that they close, the higher they rise in the company and the better their Christmas bonus.
Add all these together and you have a real recipe for disaster.
Posted by Uniculturalist at 8:07 PM on April 1
