An expose of bad businesses and their unethical practices

In the wake of the largest housing, mortgage, and foreclosure meltdown in history, some action is being taken to insure that Foreclosure counselors have an official set of guidelines to follow when dealing with their clients. It may be a bit late to help those that were involved in the first wave, but every indication is that this crisis is not yet over, so it may be a case of better late than never.

“By carefully measuring the needs of the counseling industry and mortgage borrowers in responding to the foreclosure crisis, the Advisory Council thoughtfully developed these performance standards -- keeping in mind how they will strengthen the confidence homeowners will have when discussing the details of their personal financial situation with a counselor," said Jayna Bower, director of the NeighborWorks Center for Homeownership Education and Counseling.

The standards, which were developed under the guidance of lending institutions, community development organizations, as well as real estate and mortgage insurance companies, are designed to eliminate damaging practices by ensuring customers are aided by lending professionals trained in the highest of industry standards and ethics. We can only hope that those practice are more ethically pure that the Bad Business that took place during the sub-prime loan debacle.