Exactly how we had been informed to sell such financing would be to identify we have been reducing the newest customer’s old costs from the consolidating their current debts towards the that another one. It was not genuine-we were not receiving eliminate the fresh customer’s established expense; we were really and truly just providing them with an alternate more costly loan that lay their residence at stake
The fresh new qualitative facts shows that loan originators commonly attained the rely on out of possible consumers through the manipulation from respected co-ethnic intermediaries in community solution organizations and you will places of worship. To increase the fresh new rely on out-of borrowers, agents and originators smartly rooked public structures and interpersonal networks inside minority teams.