A recent press report stated that the US mortgage bankers who attended a conference in Chicago have encountered the anger of the consumer on account of the poor financial system that caused protest rallies throughout the country.
In the Mortgage Bankers’ Association’s annual conference in Chicago, the attendees of felt that their industry was being used as the scapegoats for the economic woes that occurred on account of the housing bubble burst.
According to the mortgage banking executives, the lawmakers and the homeowners are furious on them because they think that the mortgage bankers are responsible for the financial crisis during 2007-2009.
Many Americans had borrowed home loans under the easy lending terms but the fall in home prices had left most of the borrowers in home which is worth less than their borrowings. As the unemployment rate raised high above 9 per cent many banks were managing with millions of delinquent home loans and the number of loans which were not redeemed were also in excess.
According to the report from RealtyTrac, a real estate research firm, there were 2,28,098 notices for non-payment, scheduled auctions and seizure of the US properties by the banks.