The Practice Of Dishonest And Unethical Behavior
Readers suggested a topic on ethics and the housing bubble. “Looney Tunes Topic # 1:
1. Is it acceptable to be a ‘professional’ without being ‘ethical?’”
“How does the above question relate to the following people?”
Real estate agent
Escrow agent
Mortgage broker
Appraiser
Bank loan officer
2. What is the penalty if they are not ‘ethical?’”
A reply, “Relative to my former appraisal profession: There is/was no penalty for the practice of dishonesty and unethical behavior. The ‘re-fi’ party was ‘on,’ and the state review agencies turned a complete blind eye to complaints from honest people who’s businesses were being gutted and destroyed by the huge number of newly minted number hitters who sprang from the federal government’s brilliant scheme to license people.”
“Subsequently, I know a fair number of people in the appraisal profession who financially profiteered enormously off the last 5 years. WE are talking HS grads pullinn’ in $250k grosses, who controlled enormous marketse because they were the “go-to” number hitters and data fudgers. Never forget, that ALL of this breakdown evolved from LIES and CORRUPTION at the bottom of the feed chain!”
“Without the proper boxes checked; neighborhood quality narrative distorted; and quality/conditions of improvements fudged; the loans could never have passed underwriting and subsequent been sold to a Norway teachers pension fund.”
Another said, “It’s not as if an unethical person is sitting around saying “I want to be ethical!!” They don’t KNOW that they are unethical. They truly belive they’re right. In every war, both sides truly belive they are in the right, or else why would they fight?”
One posted, “Look at how turning a blind eye to transgressions by the REIC may have given an implicit go ahead to ethical trespass across the board. The most obvious are Madoff and Stanford. But we also have a perceptible increase in sleaziness in other sectors. My experience over the last five years has been that no one, wait, soak that in, NO ONE, selling me any thing or service can be trusted. And it goes without saying that our esteemed government representatives have anything but our best interests in mind.”
“I can only wonder how many other people are having the same experience.”
One suggested, “The punishment for not acting ethically is life imprisonment inside an unethical person.”
A reply, “That don’t look like nearly enough punishment to me. Unless, of course, the unethical outer shell is gettin’ its worthless as*s fed through a hay-baler.”
“Ahhh, hay-balers…it brings back the memories. When I was a wee lass I used to love how the organized little green bales would come po0ping out the back end all tidy and regular in long straight rows. I enjoyed sitting and watching. There was a timeless, patient, inevitable quality to it all. It was zen-like, really. Until something would go wrong and the whole trundling contraption would jerk to a halt and the little human servants would hop off cussin’ in a decidedly un-spiritual way…”
“* starts to sing ‘Memories’ loudly and zen-ishly *”
