Quote:
Originally Posted by PBO
I've been a mortgage broker in a former life & I would never allow a client to enter into financial hardship just because they wanted to. I had a responsibility - morally & ethically to look after the interests of my client & their families...just because Mum & Dad might be greedy doesn't mean that I should ignore the fact they have children or that they may not fully understand all the considerations. If you understand these considerations then you should act appropriately, this was evidently not front of mind during the sub prime & banks/bankers were the vehicle of the GFC
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You are right 100%. I think some of the major issues came when people who want X house and Y mortgage were getting denied. The reaction from the government was that these people were being discriminated against. So in turn regulations were put forth and laws were made to push people into loans who otherwise would not have qualified.
Now this compares in no way to the Equal Housing Opportunity Act which made discrimination in giving loans (among other things) illegal based on race, color, creed, religion, and so forth.
But your right, as a business person you have a moral and ethical responsibility in conducting business from every facet. This should reflect in all your business dealings from customers to employees to vendors.
I spent the last 9 months looking at businesses whether buying something with me as sole proprietor or partnering. One of the key factors that aided my decision to buy into the business I did is the fact the my partner and I both share the same morals and values in this area.
This was a major point of contention he had with his last partner that lacked these.