Jonathan.OB
Registered User
- Messages
- 164
This bothers me greatly.
I worked in several mortgage brokers over the past number of year and eventually lost my appetite and faith in the business because of the underhanded tactics being used by brokers and banks alike, effectively conning people into borrowing above their means.
Some of you may have seen the PrimeTime programme on the "mis-selling of financial products" a few months back. The programme revealed the various 'tricks' used by brokers operating in the subprime wing of one of the largest mortgage brokers in Ireland and the initial response was one of shock and anger.
However, it seems to me that the reckless activities of brokers and the muted outcry is caused has been forgotten about. With the Irish Economy now in recession and the world's financial systems in disarray, I believe it's high time we look at all aspects of our lending system and the various practices from all parties that have and will further contribute to the deflating of the property market.
I no longer work in the mortgage industry, but always keep watch over significant developments that might be reported on. One such was the court order hearings for foreclosures on Monday just gone. I believe 50 cases were heard resulting in 6 repossession orders and the remainder given further time. Of the 50, a large majority were charged from the largest subprime lender in Ireland, who shall remain nameless for now and this didn't surprise me in the least, as I have had first hand experience of the reckless, irresponsible lending policies they had adopted since launching their "sup-prime" product several years ago. Whilst I have no doubt that this bank in question have since tightened their lending policies and have restricted their "fishing" of the market to the least vulnerable, I do not agree with the business model, full stop. Sub Prime lending does not work, regardless of the differences between the unbelievably carefree, high risk practices of the American SubPrimes and the Irish lenders so-called measured, careful approach.
To put it in simple terms - debt should not be solved and diluted with further debt & increases in interest rates for homeowners. To put it politely, I have seen families get screwed over by banks and brokers alike and the severe consequences have yet to be felt.
I would like to hear of people's experience with brokers and banks who you may have acted without caution and proper judgement. It would be better again if people would like to talk about their experiences with subprime lenders.
I have no personal vendetta here and don't wish any broker or bank-worker out of a job. But when I received a phone call at 9pm one Friday night back in June from a sobbing client, who had been wrongly advised to take out a subprime mortgage previously and since had accumulated insurmountable debts and the countless problems associated, I could not let this pass.
J
I worked in several mortgage brokers over the past number of year and eventually lost my appetite and faith in the business because of the underhanded tactics being used by brokers and banks alike, effectively conning people into borrowing above their means.
Some of you may have seen the PrimeTime programme on the "mis-selling of financial products" a few months back. The programme revealed the various 'tricks' used by brokers operating in the subprime wing of one of the largest mortgage brokers in Ireland and the initial response was one of shock and anger.
However, it seems to me that the reckless activities of brokers and the muted outcry is caused has been forgotten about. With the Irish Economy now in recession and the world's financial systems in disarray, I believe it's high time we look at all aspects of our lending system and the various practices from all parties that have and will further contribute to the deflating of the property market.
I no longer work in the mortgage industry, but always keep watch over significant developments that might be reported on. One such was the court order hearings for foreclosures on Monday just gone. I believe 50 cases were heard resulting in 6 repossession orders and the remainder given further time. Of the 50, a large majority were charged from the largest subprime lender in Ireland, who shall remain nameless for now and this didn't surprise me in the least, as I have had first hand experience of the reckless, irresponsible lending policies they had adopted since launching their "sup-prime" product several years ago. Whilst I have no doubt that this bank in question have since tightened their lending policies and have restricted their "fishing" of the market to the least vulnerable, I do not agree with the business model, full stop. Sub Prime lending does not work, regardless of the differences between the unbelievably carefree, high risk practices of the American SubPrimes and the Irish lenders so-called measured, careful approach.
To put it in simple terms - debt should not be solved and diluted with further debt & increases in interest rates for homeowners. To put it politely, I have seen families get screwed over by banks and brokers alike and the severe consequences have yet to be felt.
I would like to hear of people's experience with brokers and banks who you may have acted without caution and proper judgement. It would be better again if people would like to talk about their experiences with subprime lenders.
I have no personal vendetta here and don't wish any broker or bank-worker out of a job. But when I received a phone call at 9pm one Friday night back in June from a sobbing client, who had been wrongly advised to take out a subprime mortgage previously and since had accumulated insurmountable debts and the countless problems associated, I could not let this pass.
J
