In 1971, Robert Laufman, a former engineer for General Electric, became an attorney …show more content…
Laufman contacted over a dozen savings and loan companies in the Greater Cincinnati area to find the lowest interest rates and closing costs. Yet, it was Oakley Building & Loan Company (Oakley B.&L. Co.) that held the lowest interest rates. After a referral from a friend, Robert called the vice president of Oakley B.&L. Co., George Downs, for a more comprehensive explanation of the loan process, the approval probability, and the definite costs. Oakley B.&L. Co. reassured the Laufmans that receiving a loan would be trouble-free, quick, and that notification could occur as early as the following day. Excited about the prospect of the loan and given the Laufmans’ occupations, savings, and stocks they had no reason for concern. So on the same day as the initial inquiry, the Laufmans completed an application to apply for the loan and returned it to Oakley B.&L. Co. The following day, Laufman phoned Oakley B.&L. Co. to receive an update on the status of their loan. Mr. Downs explained to Laufman that due to the lack of information provided in the earlier conversation, that Mr. Downs spoke prematurely and the full board needed to examine their