Passive1 - unfortunately I must agree with your post. Being a commercial relationship manager with a degree, CPA and masters (no not big noting myself, just noting that I have studied/upskilled myself hard to get where I am as I am only 26) I often look at what happens in the branches and can only put my head in my hands and laugh.
Unfortunately lots of these people writing the loans, cannot read and decipher financial statements or a basic tax return, yet are allowed to lend people what might possibly be the biggest debt of their life? It never ceases to amaze me. Gone is the notion that you look after your clients, all the "retail" lenders care about is selling loans and making bonuses. Worst of all some of these people are getting paid in the vicinity of $100k for what little knowledge and skills they have. Our banking sector at the moment is geared towards sales levels that cannot be maintained and unfortunately i do believe this is creating great incentives for these unskilled "retail" lenders to fudge figures etc.
My honest opinion is that people like those outlined in this article, along with unscrupulous lenders are going to create a long downward spiral in house prices and national wealth.
