Whistleblower gets $64 million for exposing mortgage issues with Chase.
Can you imagine snitching on your company and getting $64 million bucks for it? Well that’s what one gentleman did and that’s what he got. Dang, we’re all for keeping things clean and tidy. And if you do something naughty you need to pay the price for it. But wow, $64 million? Well it’s basically a commission. Dude sees something he feels is wrong, turns company into the feds, they fine company hundreds of millions of dollars and a snitch fee gets paid to the snitcher.
One of the issues we worry about here is that when you hear of these kinds of huge payouts for this kind of stuff is that it could cause a “snitch run” on companies. If this happens it winds up costing the company a lot of money to deal with all of the investigations that take place. Bottom line is if banks incur more costs, it’s going to make it to your customers rate sheets. So, if you’re out there and you’re considering throwing anything you can against the wall, please don’t. If there is truly something that needs to be looked into that’s one thing, but just throwing as much as you can at something in hopes of a big pay off isn’t helping anybody.
Beyond that there’s some very interesting information in the video about our collective equity as a nation that you’ll definitely want to communicate to your database. And there’s some changes coming to FICO that you’ll want to know about as well. We’ll let you watch the show to get caught up on that.
Don’t miss the Listing Booster webinar this Thursday where we’ll show you how to load up your pipeline with a steady stream of purchase leads and purchase business. You can CLICK HERE to register for it.
With that, you all have a wonderful day!
Frank and Brian