Consumers rage against US Mortgage Bankers

By | August 19, 2011

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.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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