Current Ethical Issues
November 21, 2010
Can you imagine the financial effects the economy would feel if every home owner up and just walked away from their homes, owing more than the definite value of the home and the loan? With the current struggles and rapid down spiral of our economy, many financial services, and institutions are burdened with many homeowners inability to maintain their mortgage financial responsibilities, thus resulting in abrupt abandonment. The endurance and very essence of our economy and financial systems depend heavily upon homeowners being able to fulfill financial obligations outlined in their mortgage loans. According to Anne Federwisch, “The public seems to have the perception that the financial service sector is more unethical than other areas of business” (http://scu.edu). Unfortunately, the financial service industry is plagued with many ethical issues that affect everyone and the economy. This paper will describe and discuss the virtual organization company McBride Financial Services, giving background information on the profile of the business and the current moral and ethical issues faced by this financial service company.
McBride Financial Services is an established regional mortgage lender service company that is headquartered in Boise, Idaho. The company plans to expand their financial services into parts of Wyoming, Montana, North and South Dakota. The mission of the company is simply stated as follows, “McBride Financial Service will be the preeminent provider of low cost mortgage services using state-of-the-art technology in the five state areas of Idaho, Montana, Wyoming, North Dakota, and South Dakota. We thank you in supporting our mission!” The focal points of the company are becoming a profitable company within the first year of operating, leverage technology to minimize costs and maximize efficiencies for customers and the business in...