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Giving money to the unemployed was a bad idea, lenders determine
By Sugar Beat Staff
NEW YORK CITY — After the stock market continued to plummet Thursday in one of the most steady and steep drops in recent history, lenders confirmed giving billions worth of loans to America’s unemployed was a bad idea.
Sub-prime lender and CEO of the New Century Financial Corporation Brad Morrice was one of the first from many now-suffering companies to make the connection.
“As it turns out, those with a history of skipping payments, making late payments, exceeding credit card limits and declaring bankruptcy are not the best people to loan your money to,” he said. “But hindsight is 20/20. We need to have our experts examine this and learn what we can from this unexpected turn of events.”
Morrice’s company recently filed for bankruptcy, listing liabilities of more than $100 million. The mortgage company is using a $150 million loan to help get itself out of debt.
editor@thesugarbeat.com |
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