daveg, while I might agree with you, you gotta concede that by offering (pushing) risky loan products and approving people who should not really have qualified, the industry itself is morally bankrupt.
I don't believe that a business has a moral imperative.
A newly surfaced memo from banking giant JPMorgan Chase provides a rare glimpse into the mentality that fueled the mortgage crisis.
The memo's title says it all: "Zippy Cheats & Tricks."
It is a primer on how to get risky mortgage loans approved by Zippy, Chase's in-house automated loan underwriting system. The secret to approval? Inflate the borrowers' income or otherwise falsify their loan application.
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