Ethics in the Mortgage Lending Business - 1566 Words

Ethics in the Mortgage Lending Business In America each person believes it is his or her right to own a home. Banks believe they should give each person the money to finance a home. Countrywide was at the forefront for many years in providing loans to consumers. Their ethics were placed into question when homeowners started losing homes after 2006. Bank of America intervened to assist on home loans affected. Their strong code of ethics, team values, and guiding principles ensured clients that their loans would be secured. Ethics During the time prior to the mortgage crisis, the economy was looking good to the mortgage brokers and lenders in the United States as well as new homeowners. After all, it is the ‘American Dream’ to own a†¦show more content†¦Bank of America s company philosophy is â€Å"we believe, very simply, that it is the actions of individuals working together that build strong communities ... and that business has an obligation to support those actions in the communities it serves† (Lewis). As stated on their company website overview, Bank of America is committed to creating meaningful change in the communities they serve through their philanthropic efforts, associate volunteerism, community development, and investing, support of the arts, and environmental initiatives (Bank of America, n.d.). Their neighborhood revitalization and stabilization programs were designed to aid, restore, and invigorate communities suffering from the growing number of foreclosed and vacant properties. They are further committed to cost-efficient and environmentally sustainable practices that benefit the global community. An example of this is the Bank of America Tower in New York City, one of the world s most environmentally-friendly skyscrapers. Bank of America expects and actively encourages its employees to act ethically, honor Bank of America’s code of ethics, care about one another, and value their communities. Core Values Bank of America core values were established to ensure the team of employees is serving their customers’ needs. The five core values are short but strong in words. Established by Bank of America to ensure confidence in consumer’s relation, the five values are:Show MoreRelatedThe Subprime Loan Blog Assignment And References Of Resources Researched Essay1390 Words   |  6 PagesStates starting somewhere around the middle of 2006. Gilbert (2011) state many levels of contributors participated in this mortgage lending crisis. Gilbert (2011) portends some of these included loan applicants, mortgage brokers, lenders, individual mortgage packagers, agencies that rate mortgages, investment brokers, and advisers, and purchasers of the collateralized mortgage obligations (Gilbert, 2011). People are advised to establish credit early in life to be able to buy homes and automobilesRead MoreCase Study : The Financial Crisis1084 Words   |  5 PagesEnterprise and Social Responsibility Renato Passos 21271774 Assignment 1 – Case Study: The Financial Crisis The purpose of this case study is to provide an introduction to business ethics. The first section of the assignment is an overview of the stakeholders. The second part is the description of an utilitarian perspective and how it should be applied on the case study. This is followed by the definition of the three ‘maxims’, clashes of rights and two normatives theories examined and appliedRead MoreWas the U.S. Federal Government’s 1932 Intervention in the Market for Home Ownership Desirable? How Did the Creation of Fannie Mae in 1938, Ginnie Mae in 1968, and Freddie Mac in 1970 Expand Homeownership and Shape1161 Words   |  5 PagesWas the U.S. federal government’s 1932 intervention in the market for home ownership desirable? How did the creation of Fannie Mae in 1938, Ginnie Mae in 1968, and Freddie Mac in 1970 expand homeownership and shape lending practices at banks and other mortgage lending firms? Yes, I do believe that the U.S. federal government’s 1932 intervention in the market for homeownership was desirable, not only for the government but also for potential home owners as well as those in construction, etc. PriorRead MoreDiscuss the Importance of Ethics in Business in Light of the Recent Global Financial Crisis (Gfc)1119 Words   |  5 Pageson the collapses on issues such as immoral practices, governance, regulations, enterprise ethics. Factors to consider with the collapse that lead to the financial crisis is the dangerous outcomes that financial companies were not foreseen in advanced of borrowing mortgages for the companies. The change of ethics through enterprises demonstrate how business approaches to ethics over the past years where ethics is seen in different perspectives. Lessons are learnt from financial failures in the lackRead MoreSubprime Lending1295 Words   |  6 PagesDefining Subprime Lending The problem to be investigated is the effect of subprime mortgage loans on the economy. According to Merriam Webster subprime is defined as having or being an interest rate that is higher than a prime rate and is extended especially to low-income borrowers; extending or obtaining a subprime loan (Webster, 2012). Subprime mortgage loans are loans given to people with a low credit score. Subprime borrowers normally don’t qualify for prime loans or prime lending. AccordingRead MoreThe Transformation Of Housing Discrimination Toward African American1750 Words   |  7 Pagesdiscrimination especially from the pre-stage application lenders. Home Owners’ Loan Corporation (HOLC) and Fair Housing Administration (FHA) are the roots to create housing discrimination toward minority especially for African American; they help the mortgage lender to make excuses to deny the loan to African American because they do not meet the requirements. During 1928, there was a huge crisis in stock market and caused many banks close and people faced foreclosure. In order to respond the crisis,Read MoreCountrywide Financial : A Large Diversified Financial Service Provider1018 Words   |  5 Pagesfinancial service provider. They operate in five business segments, those being mortgage banking, banking, capital markets, insurance, and global operations. Countrywide was the largest market share among U.S. mortgage originators before unethical actions caused the downfall of the firm. Problems in Countrywide’s loan practices were evident. After the financial crisis of 2008 Countrywide was found to be a significant contributor t o the subprime mortgage debacle. Bank of America was in a position toRead MoreMoral Ethics And Values Based Dilemmas871 Words   |  4 PagesMoral ethics and values-based dilemmas are ethical principles that difficult to handle at a workplace when employees have to choose what is wrong and right according to their own ethics. An effective ethics program must complement the values of the organization along with the values in the law. Good ethical behavior for any business is always a fundamental to its success. The main key for business owners and managements is to ensure all employees understand all the ethics. This paper discusses howRead MoreTaking a Look at the Great Recession782 Words   |  3 Pages In 2007, the bursting of the housing bubble of the U.S was at its peak. The bursting resulted in plummeting of security values tied to the U.S. real estate pricing. The complex interplay of policies that provided easier lending of loans, overpricing of sub-prime mortgages, on a theoretical basis that the prices would continue to increase, and inadequate capital holdings from insurance companies and banks to back their financial commitments contributed to the bursting of the bubble (BoatrightRead MoreCountrywide Home Loans ( Countrywide Hl )1466 Words   |  6 PagesCountrywide Home Loans (Countrywide HL) provide, service, and sell mortgage loans and after-loan services such as collections and payment processing. As a leader in the mortgage industry, they provide these products and services to homeowners through prime and subprime mortgage loans and subsequently resell these loans to investors. In 2009, the United States (US) Treasury Department (Treasury) invested (i.e., US taxpayer -based funding) in Countrywide HL under the Treasury’s 2009 Troubled Asset Relief

My First day at sixth-form Free Essays

I was sixteen and I had to make that same difficult question that everyone had to ask themselves at my age, ‘what am I going to do after I got my results from my GCSEs?’ The day before I got my results I decided to go to Westwood ST Thomas sixth-form in stead of college. I have been at Westwood School for three years so I thought it would be easier to go somewhere that I knew and where they knew me. GCSE results day arrived; I took that short five minute walk for the last time of being a school girl. We will write a custom essay sample on My First day at sixth-form or any similar topic only for you Order Now I got the magic envelope and opened it. I needed five C’s or above to do the a-levels courses as planned. I took one look at the paper and my excitement turned into disappointment. I only got four C’s. After talking to a careers adviser I decided what I should do. I had chosen to under-go a one year business course that would give me enough GCSEs that I needed. I went away that day feeling very low and disheartened that all my efforts didn’t payoff. I felt like a year of my life was being taken away from me. 7AM, Monday morning, my alarm was beeping in my ear, Beep, Beep, beep. I rolled over and turned it off. I unwillingly thought ‘the first day of Sixth-form of what will be of a long year’. I was dragging my feet up the steep hill. A walk which was five minutes seemed like an hour. As I approached the school hill my heart was thumping in my chest. I told myself not to be so stupid. I had been at the school for three years but this time I was a student. As I walked through the gates nothing had changed! The old falling apart bike sheds which faced the gates were still there. I could see the three main blocks, where the specialist classes were held. Yep! The same old gloomy school. I got to where my tutor room was and sat down at an empty seat. I slowly one by one studied the people who are already settled in their seats. I didn’t recognise anybody. They must be from different schools. I then studied the room, a big white board in the centre of the longest wall and around the other walls are notice boards with nothing on then. Surrounding the tables in the middle of the room are very old computers lined up against the wall. The decoration was an old off-white colour with paint starting to chip off the walls. The appearance and feeling was an old and depressing. I heard a familiar voice outside the room. It was my friend Amy. She walked in to the room and took her seat next to mine. I felt much relived that someone was in the group that I already knew. My new tutor and key teacher for the year, Mr Kendal, walked in to the room and sat down behind his big desk. He introduced himself then made each of us in turn introduce ourselves to the group. I am not the person for speaking in front of a group and felt my self go very red with embarrassment when it got to my turn. He gave us our student planner and the timetable; he went over some things that we were to do that year in the course. The time drove by so quickly. I looked at the clock and it was break time already. I had the chance to meet up with old friends and talk about what we did over the summer. When break time ended we all went back to our tutor rooms. This time I didn’t know whether the sun was shinning through a different window, but I was starting to feel a bit more comfortable about the situation the room felt brighter, and a little more inviting. We had the tour of the school which lasted thirty minutes, and then we were allowed to go home. The walk home seemed like the old five minutes walk down the hill. I was feeling emotionally happy and pleased with the first day. (And it wasn’t the fact it only lasted half a day). When I got home I told mum all about the day. I couldn’t wait till bed time as I was exited about going back again the next day. (Even though it was an whole school assembly to meet the new Head Teacher). As I went to sleep that night I was still very happy, I thought, this year was not going to be as bad after all. How to cite My First day at sixth-form, Papers

Design Process Matrix and Summary free essay sample

Chaley’s Hair Salon in a full service beauty salon that is dedicated to providing high customer satisfaction to her clients. She executes this by rendering excellent service quality products and making sure all clients have an enjoyable experience while paying reasonable prices. She also maintains a healthy and creative work environment for her employees. Mission: to supply clients with products and service that caters to the enhancement of their physical appearance. Motto: Customer Satisfaction Guaranteed Chaley Guice is the sole proprietor of Chaley’s Hair Salon. She has been in Downtown Lufkin for the past 9 years. Chaley has a large client base and loyal customers. Her hard work and excellent customer service attracts new customers and retains current clients. The key to success: Location: easily accessible to clients Environment: Provides a professional and relaxing environment for clients Convenience: Offered clients a variety of services as well as convenient hours. Design Process Matrix and Summary The Samsung Galaxy S III is smart phone that offers its user lots of amenities. We will write a custom essay sample on Design Process Matrix and Summary or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Samsung provides high quality smart phones that can do just about anything you can imagine. It’s much like a small computer. You can view you emails, presentations, and word documents on the Samsung S III. It is a very creative device that caters to the â€Å"Techie†. Our Mission: provide high quality innovative devices for consumers Motto: Customer Satisfaction Samsung S III is a one of many devices in the Samsung smart phone lines. It has many features and is very easy to use. One feature is the Smart Stay which means the screen maintains a bright display as long as you are looking at it. It also has Direct Call which lets use dial by using voice commands. The Galaxy SIII also offers features such as smart alert, social tag and S voice. S voice allows you to search the internet, send a test message or find a location all using voice command. S Beam is another neat feature that allows you to share media just by tapping you phone against another Galaxy S III. These are just a few of the highlights offered by the Samsung Galaxy S III. Convenience: Makes using a phone as easy and convenient as possible Reputation: Samsung has a reputation for creating Hi Tech and innovative smart phones that can perform a variety of task. References www. Samsung. com www. referenceforbusiness. com www. deakin. edu. au/study-skills - University of Phoenix Material Process Design Matrix Complete the process design matrix. Write an executive summary identifying appropriate design approaches for a selected product and service. Pick one service with which you are familiar. Complete three to five line items such as production line, self-service or personal attention approach, on the Process Design Matrix. Pick one product with which you are familiar. Complete three to five line items such as Job shop, batch, assembly line, or continuous flow approach, on the Process Design Matrix. Process Design Aspect | Service | Product | Design focal point | | | Strategy | | | Process design approach | | | Process map | | | Process Performance Measurement | | | Factory location | Centrally located | | Facility layout | | Assembly line | Process design | | | Scheduling | Convenient flexible scheduling | | Product planning | | team planning | Workforce | Highly qualified and experiencedStylist and nail technicians | Highly qualified engineers and technicians |