Lenders earned the contempt and scorn they endure today

September 3, 2014

Irvine Renter 22 Astute Observations
Anger and hatred toward the banks earned during the housing and economic collapse of 2008 is still strong.



When most people buy a home, they borrow money. When prospective borrowers gain loan approval and final funding, most are thankful the lender enabled them to acquire the property they wanted; few question whether or not the loan was a good deal.bankers-hell

Most borrowers go through the lending process like cattle processed for branding. They do whatever they’re told and sign whatever they need to sign in order to get the property. Most borrowers assume that if millions of other borrowers go through the same process it must be okay; they feel comfort in the safety of the herd.

But what happens when borrowers go through the lending process like cattle heading for slaughter. When lenders lead them astray, promising loan products are safe when they’re not, borrowers feel betrayed. Perhaps borrowers shouldn’t be so trusting, but most don’t have the skills and experience to recognize when something isn’t right.



Source: http://ochousingnews.com/blog/lenders-earned-contempt-scorn-endure-today/#ixzz3CJJ4v2Th