I mean… They’re salesmen more than trustworthy professionals.
I see your point but the main issue is that nobody should ever trust the seller of anything to give them the info they need.
People should only ever trust trustworthy independent third parties… But those are hard to find.
I really don’t know what the solution is besides getting a better education, and I don’t mean a crap degree, I mean some more tangibile subjects in lower levels of school. I don’t blame them lightly, but people that accept this kind of thing aren’t the brightest.
Having worked at a bank before (in their IT dept
specifically), banks are extremely risk averse (and that extends to all aspects of the bank, from financial risks to HR risks to IT risks), and all of the loan officers I worked with were far more interested in doing their job right than being sales people.
It’s in the banks best financial interest if it’s customers get wealthier because where does that wealth go? Into the bank they already bank at. Banks need to keep a certain amount of deposits in reserve, so the more cash deposited the more money the bank can invest in financial products itself to make itself more money. If all the bank does is mint loans that customers struggle to pay back their deposits will be very low and therefore they’ll make less money.
Also sketchy loans are harder to sell as securities, as security bundles have to have balanced risk profiles both for legal compliance and for investors to be interested. Investors in mortgage backed securities (MBS) aren’t investing in MBSes for insane growth, they’re investing in a relatively safe security to park some cash in as part of their diversification
No, they’re not. A lot of them don’t even have a degree in anything.
Your personal financial advisor is a person you should be able to trust with your important financial decisions. They guy at the bank handing you a contract to sign is an employee with a script on rails, a manager, and a commission structure.
In a better world it wouldn’t be like that but in a better world I don’t think I’d be going to a bank in the first place.
Banks are capitalist AF. Literally the heart of capitalism.
Pretty disgusting to hear these leeches framed as “workers”.
There’s literally no work involved in collecting mortgage payments. That’s why it’s called “passive income.” That’s the whole point of hoarding land and housing.
The guy who facilitates your mortgage contract isn’t getting your mortgage payments. The corporation that employs them is. The guy is making a wage or maybe just an hourly salary, plus commission.
By your logic, the checkout worker at costco is skimming off your wages to gate your access to food and clothing. The only difference is that you wouldn’t personally object morally to that line of work, but your personal morality isn’t a class distinction.
All companies are “capitalist AF”. It’s not just banks. But even a sleezy car salesman who is trained to convince you to sign an extortive lease isn’t oppressing you. He isn’t betraying you at a class level. He isn’t the one getting your monthly payments. His plight is exactly the same as yours.
This isn’t “wacko lib”, it’s literally Marx. And if we can’t understand that and stomach the differentiation, we will forever collectively stay oppressed.
Bank workers are, at best, getting a small bonus when you sign that mortgage. Your fellow worker isn’t the enemy.
These are the financial professionals that normal people should be able to trust to make important decisions.
I mean… They’re salesmen more than trustworthy professionals.
I see your point but the main issue is that nobody should ever trust the seller of anything to give them the info they need.
People should only ever trust trustworthy independent third parties… But those are hard to find.
I really don’t know what the solution is besides getting a better education, and I don’t mean a crap degree, I mean some more tangibile subjects in lower levels of school. I don’t blame them lightly, but people that accept this kind of thing aren’t the brightest.
Having worked at a bank before (in their IT dept specifically), banks are extremely risk averse (and that extends to all aspects of the bank, from financial risks to HR risks to IT risks), and all of the loan officers I worked with were far more interested in doing their job right than being sales people.
It’s in the banks best financial interest if it’s customers get wealthier because where does that wealth go? Into the bank they already bank at. Banks need to keep a certain amount of deposits in reserve, so the more cash deposited the more money the bank can invest in financial products itself to make itself more money. If all the bank does is mint loans that customers struggle to pay back their deposits will be very low and therefore they’ll make less money.
Also sketchy loans are harder to sell as securities, as security bundles have to have balanced risk profiles both for legal compliance and for investors to be interested. Investors in mortgage backed securities (MBS) aren’t investing in MBSes for insane growth, they’re investing in a relatively safe security to park some cash in as part of their diversification
No, they’re not. A lot of them don’t even have a degree in anything.
Your personal financial advisor is a person you should be able to trust with your important financial decisions. They guy at the bank handing you a contract to sign is an employee with a script on rails, a manager, and a commission structure.
In a better world it wouldn’t be like that but in a better world I don’t think I’d be going to a bank in the first place.
wew.
What kind of wacko lib upvotes this nonsense?
Banks are capitalist AF. Literally the heart of capitalism.
Pretty disgusting to hear these leeches framed as “workers”.
There’s literally no work involved in collecting mortgage payments. That’s why it’s called “passive income.” That’s the whole point of hoarding land and housing.
Bro, do you really think the owning class is the one on the other side of the desk when you sign the paper? No, it’s another peon like you or me.
Have some fucking class solidarity
The guy who facilitates your mortgage contract isn’t getting your mortgage payments. The corporation that employs them is. The guy is making a wage or maybe just an hourly salary, plus commission.
By your logic, the checkout worker at costco is skimming off your wages to gate your access to food and clothing. The only difference is that you wouldn’t personally object morally to that line of work, but your personal morality isn’t a class distinction.
All companies are “capitalist AF”. It’s not just banks. But even a sleezy car salesman who is trained to convince you to sign an extortive lease isn’t oppressing you. He isn’t betraying you at a class level. He isn’t the one getting your monthly payments. His plight is exactly the same as yours.
This isn’t “wacko lib”, it’s literally Marx. And if we can’t understand that and stomach the differentiation, we will forever collectively stay oppressed.
The Nürnberger defense.
Yeah every commissioned salesperson you don’t like is literally nazi ss. Go off, you galaxybrained god.
Generalizing and nazifying doesn’t actually make your bootlicking sound reasonable.
Being able to tell the difference between a fellow worker and a class traitor isn’t bootlicking!
I wasn’t even the person who generalized and nazified, the comment above me did. What in the actual heck, buddy?