Mortgage Crisis and Corporate Responsibility
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What is the relationship between the mortgage crisis of 2008 and the corporate responsibility and ethics? What factors cause the crisis? Do you think social responsibility is important? Why or why not?
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Solution Summary
This solution explains how the mortgage crisis that occurred in 2008 is directly related to ethics and corporate responsibility. Additional resources are provided for student expansion.
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Social responsibility is always important. When there is a complete lack of social responsibility, we have issues develop that include the mortgage crisis, and other actions not related, such as high levels of pollution from corporations when green measures or sustainability is not in place, and related issues.
Basically, we had a few very large mortgage companies that were approving applicants for home loans around the years of 2003 to about 2005. These mortgage companies made it extremely easy for people to qualify, and it quickly became a situation where companies like Countrywide, and others, were securing mortgages to applicants who, in reality, would never be able to afford them. ...
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