In our ‘Afterthoughts’ category we present a report from a former employee: “I worked for Beneficial Finance and the company was purchased by HFC (Household International). I know for a fact that one of my co workers, who later became a manager, was inflating values of homes so she could make a mortgage loan.
I retired from HFC in 2001.
She would look at the application and, knowing that the income nor the home value would be verified, would change whatever needed changed to make her loan work. Prior to the buyout of Beneficial she never met her goals.
I am sure the manager new what was going on. The more loans closed, the bigger her bonus would be. I regret not coming forward before now, but didn’t know where to turn.
One of my neighbors has a 2nd or 3rd mtg that this person closed and she is now trying to sell her home and she is so upside down……. It is a shame people take such advantage of other people like this and to be paid big benefits.”
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