The Mortgage And Financial Collapse Of The United States Economy

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The mortgage and financial collapse of the United States economy had a very devastating impact on thousands upon thousands of Americans. I count myself as one who also had been affected as well. I was a bank manager with more than twenty years of banking experience and had decided during the spring of 1998 to move into a more lucrative career in the mortgage and real estate business. Having started my banking career as a teller, I had built great relationships with my employers and customers and was proud of what I had accomplished. However, upon hearing the news of yet another bank merger, I decided that I would train as a mortgage processor with one of the best mortgage providers in New Jersey. Advancements came very quickly…show more content…
I am not against creative financing to help individuals obtain the homes of their dreams. I was just not happy about the way that sub-prime mortgages were presented to customers who did not fully understand what their particular mortgage note detailed. Therefore, the lessons that we have learned is that a buyer needs to be fully informed on how the process actually works. I recall one former client who was wiser than most, and she had decided that despite what the bank told her what she could afford ($140K) , she searched for a home priced ($100K) so she could afford it on her own. Years later, she told me about her husband 's infidelity and sure enough he left their home within 14 months and she was stuck with the payments. Nevertheless, she made her payments and even though she was late several times, her resilience and determination paid off. She sold her house to a contractor for more than doubled its worth because of the two lots that the house was on. She had a success story. That is why it is very important to know what you are getting yourself into. I felt very sad when I would witness the lack of understanding of newly arrived immigrants who could barely understand the English language but there they were, trying to secure a mortgage loan. Full knowledge goes a long way and that is one of the reasons that I would refer clients to take a class on mortgage lending with one of the local realty agencies. Many of those
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