Jay Gould may not be a familiar term to you, but he was a former SEC attorney. The SEC stands for the Security Exchange Commission, and this organization dealt with securities exchanges and investment advisors. Gould recently made a statement that resonated with many of us who are bankers.
What Gould had to say was tough to hear, but he was telling his truth against the untruths of many others. His statement was simply this; ‘you can’t throw people in jail for being brokers or bankers because they did these loans according to the guidelines.’ (my paraphrase).
The reason I paraphrased that is because I can’t remember the exact statement, but that was the sentiment behind it. It isn’t tricky, and it isn’t hard to believe either. It is simply that I understand what he is saying, and although I realize that there were many bankers out there telling people to sign for loans they couldn’t afford, there were still so many that didn’t operate in that manner.
I have built my business on the belief that I can truly help people; help families and I love it. I never set out to write a mortgage loan with the intent for a family to end up in bankruptcy. When I worked with families it was all about helping them understand the process, and educating the borrower.
I don’t have any regrets for any financing that I ever offered, however I do regret that we are in this position as a country, and that there are so many who were targeted because the broker felt that they weren’t savvy enough to figure it out.
-Mayer Dallal
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