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> people who needed it the least The fee's that banks collected for processing the applications. Edit to clarify: The amount of money that banks collected in
by balls187 7y ago
> people who needed it the least
The fee's that banks collected for processing the applications.
Edit to clarify:
The amount of money that banks collected in fees is also a major problem. There are allegations that Banks purposefully shuffled application orders to allow for larger amounts to be processed first, so they would collect more in fees (the fee collected was based on the % of the loan request).
- JoeAltmaier 7y agoWow. SO if the bank fee was a constant for instance, the banks might have pushed to process many tiny, simple applications. Thus benefitting more small-business owners. Wow. Such a good example of the law of unintended consequences.