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Essay / Research Paper Abstract
This 8-page paper discusses the behavior of mortgage wholesalers in the subprime meltdown and how ethics is involved. Bibliography lists 3 sources.
Page Count:
8 pages (~225 words per page)
File: AS43_MTanlyethi.rtf
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Unformatted sample text from the term paper:
media has reported extensively on the basics of what happened - an unsustainable housing bubble, combined with questionable mortgage underwriting practices and securitization of loans helped drive the collapse of
former "too big to fail" institutions such as Bear Stearns and Lehman Brothers. Others, such as Merrill Lynch, were driven into mergers with somewhat more solvent banks.
Also making matters worse was simple greed - the fact that people who never should have bought homes in the first place because of poor
credit or low-paying jobs, were now able to get mortgages for six-figure homes, thanks to the risky subprime loan market. When the mortgage rates of many of these subprime loans
readjusted, the homeowners found themselves unable to pay the mortgages, and many abandoned their homes, leaving it up to the financial institutions to pick up.
But another, more lurid, aspect of the 2008 financial debacle that didnt really make headlines (except in a November 2008 article of Business Week) was that of untrained
mortgage wholesalers, who were regularly buying loan applications from independent mortgage brokers so "qualified" lenders could turn them into loans, which then found their way into the securitized investment arena.
Mortgage wholesaling, in and of itself, isnt a bad thing. But when the wholesalers are untrained, uneducated people who are offering bribes and sex to get those loans, the wholesaling
business becomes an ethical nightmare. The situation here was that troubles began abounding in late 2006 and well into 2007. But it wasnt until the system actually collapsed that the
extent to which mortgage wholesalers were involved in pushing products they had no knowledge about came to fruition. In this paper, well examine the article that describes how wholesaling
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