My son Patrick was in charge of originating mortgages. When the 100% financing program came out, he wasn't really for it from the first time. He thought that someone who wants to take on a bigger responsibility of owning a home should have had the earlier responsibility of saving for a reasonable downpayment that will enable them to afford the resulting monthly payments.
When lenders started lending to subprime borrowers (even up to 100% of the homevalue) he became even more against it to the point of quitting the business. I am just glad that he followed his gut-feelings about all of these, because if not, our conscience would now be bothering us.
The business world needs a lot to learn about the direct link between morality and success.
"There are millions of people who are successful as millionaires but sadly, there are so few millionaires who are successful in what they have been meant to be ".
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