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Case Study 7

780 words - 4 pages

1. Yes there are moral concerns with subprime leading; they are loans lenders provide to those who have been disqualified from borrowing with prime loan companies (Thibodeaux, n.d.). There is a need for them but care must be taken not to take advantage of those individuals that get them. The moral concerns are the fact that predatory lenders seem to target those groups that are vulnerable and in need of housing and money to make ends meet. Let me make this perfectly clear that there is a place for subprime loans, they give the person that had some issues earlier on in their life to be able to acquire money for bills and buy a home for their family however, using immoral acts as forcing ...view middle of the document...

Immediately CitiFinancial should fully explain the single premium life insurance policy and give the customer the option to choose or refuse the policy. Furthermore, charging the premium up front and adding it to the principle should also stop.
3. CitiFinancial should research the actions of the Associates, ensuring that the merger will be successful. Starting a grassroots approach with the activist groups and consumers should be done to offset the previous predatory lending practices. In reference to the excessive interest rates they should be justified and fairly applied to the consumer. They should also stop charging the points and fees. Loading the loans with prepayment penalties with high interest-rates should also be removed from the company. CitiFinancial should revisit their late fee charges ensuring they are in-line with what should be charged. All aspects of the loan should be fully disclosed and explained to the customer. There should never be any harassing or intimidating collection practices used to collect the debts, all customers need to be treated with respect.
4. The first person in line to work with and support the ACORN and AARP should be Citigroup. Because of the actions of the Associates predatory lending practices and targeting the elderly, low income, and minorities...

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