Millions of multitude residing in the United States are employed for an organization that has a duty to act respectablely. Depending on the industry, various ethical situations commode emerge and the organization must work diligently to solve the matter with sound moral judgment. Many organizations apply an ethical decision-making process when resolving such matters and the process has proven to be successful. The following paragraphs will discuss the six ethical decision-making stairs as they apply to fair lending practices at the late closed, Ameriquest mortgage (University of Phoenix, 2006, p. 1).
Ameriquest mortgage settled in court in March 2006 with the state of Missouri. Countless Missouri state residents claimed Ameriquest Mortgage knowingly and unethically practiced unfair lending to much than 10,000 residents as well as to the other 49 states. Ameriquest Mortgage settled for an astonishing $325 million but denies all allegations brocaded by the states (Report, 2006).
According to the complaints, Ameriquest Mortgage encouraged prospective borrowers to keep in line income related documents in pose to qualify for a finance or home loan, they did not provide the same bear on rates and discount points for similarly-situated consumers, nor did they disclose the costs to do the loan, they did not offer truthful good-faith estimates and they placed unfair prepayment penalties on changeable rate loans (Report, 2006). Ameriquest Mortgage has also been sued for illegally purchasing and interchange consumer credit reports and for discriminating lending practices. Ameriquest Mortgage employees deceived the consumer at a time when the housing industry was not booming, as it in one case was a short time ago. Home prices dropped from coast-to-coast and people deep in thought(p) the equity in their homes. Adjustable rates rose to a price the consumers could not afford. Rather than sell their home, many obdurate to refinance. Guidelines for qualifying a...If you want to get a full essay, order it on our website: Orderessay
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