If you have ever wondered why no one went to jail during the banking crisis you are not alone…but you are wrong, hundreds of people went to jail. Loan officers that were told by their branch managers to generate more loans were writing deals that should have never been accepted by them or their superiors…but they were. And their superiors then sent the bad loans up the chain and their superiors, superior did the same by passing the loan further up the chain.
So who went to jail? Well who else but the lowest person on the totem pole. The loan officer that was pushed with unreasonable quotas wound up doing some things that they were not proud of and they did some time while their superiors, superior saw the whole thing meltdown on CNN and hoped that no one ever took an interest in unscrambling the eggs that they had already made into a Grand Scam omelet.
Of course no one was completely innocent. From the home buyer to the top of Capitol Hill, everyone had their fingers in the pie and everyone loved the upward spiral of the market. It was only the people at the bottom of the hill that the s%*t rolled down on. Stories of loan officers that had fake buyers and homes were all over the internet while somehow the names Geithner, Paulson and Sachs and Lehman were not nearly as news worthy. This may be that more people can understand what roles a loan officer has in a the overall process or it could be that our news organizations prefer easily written human interest stories rather than stories that focus on the interests that effect all humans.