Quote:
Originally Posted by mookiemookie
Yup. They put a lot of pressure on us to offer every single person who came across our desk a loan of some sort. Refi this, refi that. I feel like in some small way I contributed to the whole crisis.
In most places, you'd get paid more for selling an ARM. That's probably why your loan officer got you to do that. The old "screw your customer" routine.
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The ARM loan was offered for the reduced monthly payment that would conveniently work with my GROSS income. Never mind actual take home pay, expenses like eating not taken into consideration.
As far as the pressure, it was to keep the numbers up and providing affordable housing for all no matter what it took or how you manipulated the numbers. Loan created and sold off 2 weeks later. Sweet deal for the banks I say. Until the floor came out underneath them.
So, you were an integral part of the collapse and degradation of society as we know it?
