Friday, November 9, 2007
Me a Blogger
Well a couple of days ago I didn't know what a Blogger was and now as the old saying goes, I are one. As I read the news of the day I am amazed at how the consumer is being victimized by almost all businesses. I have been in the Mortgage Banking business since 1974 and have watched my industry go from a well respected business that worked in the best interest of the consumer to an industry where at the very least a significant percentage of the industry has no other business model than to skin the consumer out of as much money as possible. The problems associated with Predatory Lending and Mortgage Fraud are hardly a thing of the past and the average consumer doesn't have a chance in the hands of the Predatory Lender. Tell me your stories or what your opinion is. I hope my thoughts will be interesting to you. More to come. Lonny Coffey
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5 comments:
You get em tiger!
I have heard Lonny speak about the things happening in the Mortgage industry for years. He predicted the things that were happening but no one would listen. SOMEONE should have been listening to Lonny Coffey...If you ever get a chance to go hear what he has to say - go and you will leave knowing what to watch out for. And understand the necessity of dealing with an honorable man.
I am amazed and saddened at what I have seen lately and how some people in the mortgage lending business are behaving. It leaves me thinking, this is NOT the industry we worked so hard to develop! I was one of the lucky ones, back in the 80's when we had some wonderful professionals who mentored the new people. We had a Code of Ethics, we were respectable. We worked hard to provide housing for people. IMHO, it started when the owners of the mortgage banking firms started thinking they could cut costs and earn more profit by getting rid of the "expensive people" like managers and then it carried over to underwriters and closers and shippers and processors. Well they have more profit now and they may also have more loans to indemnify. I am thankful to be one of the few who were truly blessed in this industry to learn WHY we do what we are supposed to do before I learned HOW to do it. We better get back to that. Dishonesty is a cancer on society and the mortgage lending industry cannot afford it. We need the owners, executives, and managers to make a stand and get rid of those who do not work in an ethical manner, take care of the customer and treat their fellow workers with dignity and respect. And teach the new ones to JUST SAY NO the next time they are expected to turn their heads the other way to a straw buyer or participate in predatory lending. Go get em LC!!!!!!!!!!!!
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