Hey, give Lenn a listen here about what went wrong in the bubbly bubble that swept through most of the nation recently. If you disagree, call her, not me.
WELL, I JUST COULDN'T DISAGREE MORE!
Count me out of the collective "WE" when accepting blame for the mortgage mess and "problem going on in the real estate industry right now".
If real estate agents and brokers had any power to create the mortgage backed security industry, the massive credit default swaps of AIG that sucked money out of our pockets all, we could take some blame.
Did real estate agents have the power to approve 100% financing mortgage loans, Alt-A loans, pay-option loans? NO. On one hand HUD advised home buyers to contact a lender FIRST to get pre-qualified, then find an agent.
HOW MANY REAL ESTATE AGENTS AND BROKERS AND MORTGAGE LENDERS HAVE LOST THEIR HOMES? Many. If we knew what was going on, would our members have knowingly committed themselves to such losses??? Of course not.
- HOW MANY INVESTMENT BANKERS AND CONGRESSPERSONS HAVE LOST THEIR HOMES??
- IS FRANKLIN RAINES HOMELESS??? HA!
- IS HANK GREENBERG SUDDENLY WITHOUT A HOME??
- HOW MANY CONGRESSPERSONS (of which we know) GOT SWEETHEART DEALS FROM COUNTRYWIDE??
Even the average lender should stand up and accept no blame. We learned, into this mess, about the pressures put on the banks and mortgage companies to lend money to marginally qualified home buyers. Name me a mortgage company or bank that could stand up to HUD and say, "We will not lend to unqualified home buyers". Not going to happen.
No Siree. The agents in my company and in my network did not have home buyers who failed. Have they lost equity? Sure, and so have most agents and brokers.
NAR touted "it's a great time to buy, blah, blah, blah" probably longer than they should have, but if they hadn't, the membership would have been asking them "what are you doing to help members.. . . ".
Want to blame someone? Blame the corrupt Senators and Congresspersons on Capital Hill who voted to permit the perfidy of Fanny and Freddie, AIG and the Wall Street Gangs that profited by the Billions and Billions of Dollars. Blame the Congressmen who ended the Glass Steagal regulation that kept mortgage companies and banks safe from the Wall Street Gangs for about 60 years. Blame the worst of the worst Fannie officials who falsified the financial reports in order to increase his own bonus income. Blame the Congress that exempted Fannie from Sarbanes Oxley. There's plenty of blame to go around alright, but I can't see blambing the Realtor who had no hand in creating the mess.
People in the real estate industry can stake themselves out for blame for the mess that ruined our great industry if they wish, but . . . .
COUNT ME OUT!
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.