Ethics in the Mortgage Lending Business

1566 Words Jul 5th, 2012 7 Pages
Ethics in the Mortgage Lending Business
In America each person believes it is his or her right to own a home. Banks believe they should give each person the money to finance a home. Countrywide was at the forefront for many years in providing loans to consumers. Their ethics were placed into question when homeowners started losing homes after 2006. Bank of America intervened to assist on home loans affected. Their strong code of ethics, team values, and guiding principles ensured clients that their loans would be secured.
Ethics
During the time prior to the mortgage crisis, the economy was looking good to the mortgage brokers and lenders in the United States as well as new homeowners. After all, it is the ‘American Dream’ to own a
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Bank of America 's company philosophy is “we believe, very simply, that it is the actions of individuals working together that build strong communities ... and that business has an obligation to support those actions in the communities it serves” (Lewis). As stated on their company website overview, Bank of America is committed to creating meaningful change in the communities they serve through their philanthropic efforts, associate volunteerism, community development, and investing, support of the arts, and environmental initiatives (Bank of America, n.d.). Their neighborhood revitalization and stabilization programs were designed to aid, restore, and invigorate communities suffering from the growing number of foreclosed and vacant properties. They are further committed to cost-efficient and environmentally sustainable practices that benefit the global community. An example of this is the Bank of America Tower in New York City, one of the world 's most environmentally-friendly skyscrapers. Bank of America expects and actively encourages its employees to act ethically, honor Bank of America’s code of ethics, care about one another, and value their communities.
Core Values
Bank of America core values were established to ensure the team of employees is serving their customers’ needs. The five core values are short but strong in words. Established by Bank of America to ensure confidence in consumer’s relation, the five values are:

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