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I think there were three reasons: 1) The loan officers were good people, with the borrowers' best interest in mind. 2) The headache would have been substantia
by ISL 7y ago
I think there were three reasons:
1) The loan officers were good people, with the borrowers' best interest in mind.
2) The headache would have been substantial.
3) They really are in the loan business, not the foreclosure business.
- Optimal_Persona 7y ago4) They couldn't see a way to make money by fraudulently opening millions of fake accounts in the process.
- ISL 7y agoI was in the room. 4) wasn't a factor. The loan officers were trying hard to understand how the proffered deal wouldn't kill the borrower's company. If I ever need a loan that falls into their scope, I'm calling them first.
- ashtonkem 7y agoIn one case, WF cared about the customer. Given that they literally got caught perpetuating one of the largest consumer banking frauds in human history, forgive me if I don’t trust them to do the right thing consistently.