Comments on: Incentive Systems: The Mortgage Industry http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge The blog that connects you with boomers! Thu, 29 Dec 2011 22:43:32 -0700 hourly 1 http://wordpress.org/?v=3.1.4 By: Ben Pierson http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge/comment-page-1/#comment-2433 Ben Pierson Mon, 08 Jun 2009 02:16:08 +0000 http://blog.imagineage.com/?p=446#comment-2433 Hi Payday, Thanks for the nice words. I enjoyed your site as well. Hi Payday,
Thanks for the nice words. I enjoyed your site as well.

]]> By: Ben Pierson http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge/comment-page-1/#comment-2432 Ben Pierson Mon, 08 Jun 2009 02:13:54 +0000 http://blog.imagineage.com/?p=446#comment-2432 Hi Jacqueline, Thanks for the comment. Yes, as Debbie and the psychologists here can tell you better than I could, people do need rules and regulations. Not just in finance, but everywhere. Let's just hope we use the last several years' failures to improve - but not go overboard - on the regulations in place... one key part of this situation is that we DID have regulations in place, they just were often poorly enforced and poorly constructed. Hi Jacqueline,
Thanks for the comment. Yes, as Debbie and the psychologists here can tell you better than I could, people do need rules and regulations. Not just in finance, but everywhere. Let’s just hope we use the last several years’ failures to improve – but not go overboard – on the regulations in place… one key part of this situation is that we DID have regulations in place, they just were often poorly enforced and poorly constructed.

]]> By: Payday Loans Canada http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge/comment-page-1/#comment-2102 Payday Loans Canada Fri, 01 May 2009 07:59:46 +0000 http://blog.imagineage.com/?p=446#comment-2102 I found lots of interesting information on blog.imagineage.com. The post was professionally written and I feel like the author has extensive knowledge in the subject. blog.imagineage.com keep it that way. I found lots of interesting information on blog.imagineage.com. The post was professionally written and I feel like the author has extensive knowledge in the subject. blog.imagineage.com keep it that way.

]]> By: Jacqueline http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge/comment-page-1/#comment-1584 Jacqueline Sat, 21 Mar 2009 01:50:28 +0000 http://blog.imagineage.com/?p=446#comment-1584 You make very good points. Human nature dictates that the low level players would act as they did. It's a shame we need regulatory bodies but we do. You make very good points. Human nature dictates that the low level players would act as they did. It’s a shame we need regulatory bodies but we do.

]]> By: Ben Pierson http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge/comment-page-1/#comment-852 Ben Pierson Tue, 24 Feb 2009 00:43:23 +0000 http://blog.imagineage.com/?p=446#comment-852 Hi Ralph, thanks for the comment. I certainly don't abscond my 'colleagues' in finance from blame and i'm sorry if you got that impression. Heck, I think just about everyone shoulders some blame here. My point is more let's look how this situation was created through rational - not irrational - actions on the part of most people and unfortunately this is the same for the regulatory bodies (like the SEC, which is specifically designed to prevent this). To speak to your comment on the SEC, Michael Lewis (author of Liar's Poker & Moneyball) & David Einhorn (Greenlight Capital) wrote two interesting op-eds for the NY Times, which are worth a skim as well: http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html Among items, they note how many people use the SEC to procure a position in the private industry (where they can make 5-10 times what they earn at the SEC), creating an inherent - and huge - conflict of interest. Because of this they have incentives to not find any violations in a sense. Cases in point: • The S.E.C.’s recent Director of Enforcement is now the general counsel at JPMorgan Chase • The Director of Enforcement before him became general counsel at Deutsche Bank • A Director of Enforcement before these two was hired away from the S.E.C. by Credit Suisse and made a Managing Director Thanks again for the comment and feedback, Ben Hi Ralph, thanks for the comment. I certainly don’t abscond my ‘colleagues’ in finance from blame and i’m sorry if you got that impression. Heck, I think just about everyone shoulders some blame here. My point is more let’s look how this situation was created through rational – not irrational – actions on the part of most people and unfortunately this is the same for the regulatory bodies (like the SEC, which is specifically designed to prevent this). To speak to your comment on the SEC, Michael Lewis (author of Liar’s Poker & Moneyball) & David Einhorn (Greenlight Capital) wrote two interesting op-eds for the NY Times, which are worth a skim as well: http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html
Among items, they note how many people use the SEC to procure a position in the private industry (where they can make 5-10 times what they earn at the SEC), creating an inherent – and huge – conflict of interest. Because of this they have incentives to not find any violations in a sense. Cases in point:
• The S.E.C.’s recent Director of Enforcement is now the general counsel at JPMorgan Chase
• The Director of Enforcement before him became general counsel at Deutsche Bank
• A Director of Enforcement before these two was hired away from the S.E.C. by Credit Suisse and made a Managing Director

Thanks again for the comment and feedback,

Ben

]]> By: Ralph http://blog.imagineage.com/incentive-systems-the-mortgage-industry/?piwik_campaign=ImagineAge&piwik_kwd=ImagineAge&utm_source=google&utm_medium=banner&utm_campaign=ImagineAge/comment-page-1/#comment-846 Ralph Mon, 23 Feb 2009 22:33:44 +0000 http://blog.imagineage.com/?p=446#comment-846 working in finance sure you would like to blame other people. I skimmed the link and see how raitings agencies get some blame. No evidence presented for the SEC and you make aggressive claims. working in finance sure you would like to blame other people. I skimmed the link and see how raitings agencies get some blame. No evidence presented for the SEC and you make aggressive claims.

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