Thursday, October 6, 2011

Corruption; Whre did we go wrong?

Over the last couple weeks it seems like every subject we cover touches on corruption of the system in one way or the other. Big banks not taking care of their customers during foreclosure, the MERS system and their legal/ethical violations, loan requests being accepted without being fully reviewed, and many more examples have arisen. The mortgage process was once a personal process in which banks and all those involved with your loans were there to provide assistance, information, and in the case of foreclosure, find the best solution for you and your family. Sadly, it's quickly transformed into a rat race focused on exploiting customers, spending as little time as possible with each individual loan, and ultimately maximizing profits. Some could argue that the goal of business is to maximize profits, but this greed-driven crisis is far from a reasonable price for Americans to pay. It seems that ethics and a willingness to support your fellow man/woman has disappeared along with the hard work and dedication of the American Dream. What can be done to turn this around or at least get people working in collaboration and not competition?

3 comments:

  1. The problem is covering this corruption. Ok, some enjoyed their nice profit off of them. But who's going to hand out money to actually cover the millions of people who went bankrupt? Support would be nice, but too costly.

    It's so messed up.

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  2. The problem is trying to run everything in a market based economy. Some things should just be left to the government. (E.g the whole mess with MERS, could have been avoided)

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  3. I believe we need stronger government regulation, maybe make an example of a large company that has been caught doing shady business and give them a large fine. This may strike fear into others and just maybe minimize some of the exploitation that goes on.

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