Baseball Bats in a Mortgage Office
We've mentioned before the pressure appraisers can come under to sign off on mortgage applications. The Washington Post brings us another story from sub-prime lender New Century Financial. Former employees characterized the atmosphere as unrelenting, with daily "unofficial quotas" on the number of loans to approve and bat-wielding loan agents banging desks when their deals were rejected by staff appraisers. An unnamed New Century executive granted that he believed the allegations were possible, but stated they were not "not representative of our offices."
