Can the mortgage banking industry regain its good reputation in the near future?

Question

Can confidence and trust be restored quickly after millions of foreclosures and ruining the credit of so many? Maybe people should not accept loans they cannot afford and learn it doesn't help to be sore losers.

Answer 1

For those that are affected, the mortage industry could do a better job of trying to help those in trouble. As it is, they dont. Loss mitigation can help those looking to save their homes. Not much in the news about it though.

Answer 2

Depends on the type of reputation you are looking for.  Either they really tighten up and make it very hard to borrow money and have a reputation of being really mean and only lending to the rich but being profitable and making good loans.  or having a reputation of been great to work with and easy to get money loaned to you but having everyone defaulting and getting forclosed on and needing to be bailed out by the government.  Think we just got done with the second senario... get ready for the first.... hope you all already have a house!