Unethical practices normally cause predatory lending, which is setting the buyer or home the new home owners to fail. Misleading by financial agencies also causes millions of Americans to lose their home and investments. This could be attributed to unethical and very unscrupulous practices that are employed by selfish few people that always aim at making supernormal gains thus maintaining the status quo. Market transformation is a necessity to reverse the effect in today’s market. This epidemic has resulted in the bubble market affecting from Wall Street, economy, government, and unemployment.
In order for the stakeholders to ensure that ethical practices are put into place in the mortgage industry, it is very crucial that certain ethical practices and professional ethos are put into place (Harvey 2008). The ethical principle would therefore guard the mortgage industry and other related business sectors in ensuring that proper business operations are enhanced. Evils such as corruption, nepotism, tribalism, adherence to status quo, and discrimination based on ones gender and educational background should all be eliminated if the mortgage industry market transformation is to be attained.
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