Voice of Reason

National City Corp. Story Unlikely to Have Happy Ending

I have sympathy for Jura and other employees that might get the short end of the stick up and down the banking industry. Especially when the big shots that made the bad decisions likely will walk away with a golden parachute probably worth millions.

As far as banks making loans and getting sloppy with the paperwork and checking the borrower out, a few years ago when prime was around 4% I walked into my local Chase bank more on a whim than anything else to apply for a line of credit. There was a MAFB (now NCC) branch right next store and so I figured what the hell, two offers are better than one. I got approved the next day by both banks for a $250,000 ARM. They didn't even appraise the house and no I didn't show them non do I have any income except for my investments being retired. Not complaining, but seems a bit too easy. The only "requirement" was a clear title to the house and proof of home owners insurance so they could put on the policy.