Mr. Goodhair

[Ghel]

Yesterday, my boss put a $2.4 million loan on the computer for Goodhair. With scant information. She had to go to him multiple times to get just the bare information needed to book the loan. At one point, this conversation happened:

Goodhair: I know how to do my job!
my boss: That's fine, but I need <this>, <this>, and <this> in order to book the loan!
Goodhair: I have that in my office.
my boss: Ok. Then bring it to me.

She says he "flies by the seat of his pants." I give it a year before one of these deals he's made goes south.

[emax4]

I've read this post before, but not until now, this morning, did I read that title with "Doctor Feelgood" music in my head.. :\

"DVVVRRR DVVRRR. MIS-TAH GOOD... HAIR!!!"

[eltf177]

Just...wow. A $4.2 million loan with very little paperwork backing it up.

And who thought signing off on this was a good idea?

[ADeMartino]

Just...wow. A $4.2 million loan with very little paperwork backing it up.

And who thought signing off on this was a good idea?

At the risk of sounding like a broken record, I still think the whole situation reeks of conspiracy. The guy is absolutely brazen, and it ain't HIS money he's playing with.

We're seeing why he was fired from his previous job. Shenanigans like this can, and probably WILL, cost the bank money. I'll be willing to bet that he cost his former employee a great deal of money - either from a sexual-harrassment complaint, or he wrote too many bum loans.

The question becomes..."why write such risky loans?" Why push a loan through with little or no paperwork? And the only answer I can come up with is, "He's making money on it somewhere." And I don't mean just paychecks and bonuses, either.

The thing that keeps popping up in my head is 'kickbacks'. A client doesn't have the credit to get the loan through normal channels? It'd be nice to have someone on the inside, wouldn't it? For a fee (off the books of course), Mr. Goodhair can be that inside guy. He sounds like he has the personality for a game like that. This is, of course, just conjecture - but I cannot shake the vibe that this guy is up to something. And the fact that his boss - the schmuck who brought Mr. Goodhair in - hasn't seen the red flags by now suggests to me that he might just be in on the game, which might explain why he brought his buddy in in the first place.

Yeah, I know - I'm paranoid. But you know what? A little paranoia is a good thing in this day and age.

[Tama]

Blessed are the Paranoid, ever-watchful for our enemies.

Just because you're paranoid doesn't mean something's not going on.

[eltf177]

As much as I hate to say it, I think AdeMartino has hit it on the head. I see sub-prime borrowers getting loans at primo rates. At some point this scheme is going to collapse and guess what - Mr. Goodhair isn't on the hook for the loans, the bank is.

I just can't believe a $4.2 million loan with minimal paperwork didn't get scrutinized with greater care, especially the ability of the borrower to repay.

This is a real house of cards being built here, and sooner or later it's going to come crashing down on somebody...

[Irving Patrick Freleigh]

As much as I hate to say it, I think AdeMartino has hit it on the head. I see sub-prime borrowers getting loans at primo rates. At some point this scheme is going to collapse and guess what - Mr. Goodhair isn't on the hook for the loans, the bank is.

I do believe this was a big reason for the sharp economic downturn in 2007-08. Nice to see the lessons from that have been forgotten.

[Ghel]

I don't know if yas remember, but the bank where I worked was closed in 2010 and bought by the current bank. The former bank president, who was let go, was friends with Mr. Goodhair. The former bank president was the one who booked all the out-of-the-area loans with scant information, which was the reason the bank was closed. Now, I don't want to say "guilt by association," but we're seeing the same sort of behaviors from Goodhair as we did with the former bank president.

So it's not a question of if one of the loans goes south, but when.

And I don't think it's a conspiracy, exactly. It's the members of the Good Ole Boys Club making sure all their buddies have jobs, even if they're not qualified.

[ADeMartino]

I do believe this was a big reason for the sharp economic downturn in 2007-08. Nice to see the lessons from that have been forgotten.

The 'lessons' haven't been forgotten. The problem is, they lessons they learned aren't the ones we WANTED them to learn. The banks learned that if they play fast and loose with the rules, their pals in government will come running to bail them out when it all blows up in their face. The upper-eschelon muckity-mucks get rich despite their questionable behavior, and Joe Taxpayer foots the bill. AGAIN.

Which is why I was so sharply opposed to the bailouts. They've done nothing but set a precedent that will be exploited again. I'm by no means a financial expert, but everyone knows that if you reward bad behavior, all you will get is MORE bad behavior.

[Ghel]

I might be wrong about something I said upthread. I'm still skeptical of these loans we've made to the tribe members. I still think the loans might be slightly exploitative. I still expect to have over 1/3 of them default. But my boss says that every one of the borrowers has expressed relief and gratitude when they came in to sign the documents. So this loan program might not be all bad.

That doesn't change my view of Goodhair, however. He winked at me again as he was saying goodbye today.

[Ghel]

Goodhair just came over to give me some documents for a file I'm working on for him, and he breathed his smoke breath on me.

[eltf177]

Goodhair just came over to give me some documents for a file I'm working on for him, and he breathed his smoke breath on me.

Is this asshat actively looking to be hit with a harrassment lawsuit?

[Ghel]

This guy is really pissing me off. Last week, he gave me 3 documents to send in to the county for recording. He specifically said, "these 3 documents need to be recorded."

Today, I got them back from the county with a big "REJECTION" notice attached. The county says one of the documents isn't something that can be recorded by itself, it has to be attached to another document. When I explained this to Goodhair, he looked at me like I should have known, despite never working with commercial loans before. He said to attach it to the Assignment of Mortgage.

So I'm sending it back in. This changes the fees, which luckily weren't rolled into the loan, or we'd be out of compliance. As it is, we'll have to change the bill we send the customer, but I don't think he's mailed it yet.

ETA: And then, for the loan file that I'm sorting out for him today, I find that he didn't have anyone pull a flood certificate. That could have been a huge compliance issue, if the property was in a flood zone. Luckily, it's not. I pulled the flood cert and put it in the file, but it's still technically out of compliance because we didn't pull the flood cert before the loan closed.

[Eevie]

Honestly Ghel, you have some patience. You are not this guy's secretary, why are you putting up with this?

[Jay 2K Winger]

In my head, Mr. Goodhair uses a lot of hairspray.

Which is why there's a part of me that likes to fantasize about something like this happening to him.

And that thought keeps me warm at night.