Some Industry Thoughts

Well- the bailout bill passed the Senate, contrary to the wishes of over 70% of the taxpaying public, and now the fun begins. As a mortgage broker I'm ashamed of the behavior of members of our industry, as a taxpayer I'm appalled by the behavior of our legislators. Not surprised, but appalled. It will be interesting to see how many hands can get into this new, huge, cookie jar at the same time. Just in case anyone thinks that the recent devastating experience in the real estate/mortgage industry has been corrected or altered I offer the following link to some superb reporting. http://www.ocregister.com/articles/camile-house-mortgage-2104411-fargo-wells
It's a long, thorough article, and the comments following are worth a read as well. This is a continuing problem and will go away only when investors/lenders are accountable for their own losses and bad decisions. In other words, privatize. As long as there is a bailout possibility this behavior will continue. The bill calls for a new, tougher, regulator to oversee the performance of Fannie/Freddie. That should work. If anyone can offer an example of government oversight resulting in successful performance of anything you get a prize.
The bright side. There are honest mortgage/real estate people out there. There are mortgages for deserving and qualified buyer/borrowers. We hope you'll call us, but whoever you call, be careful.
As usual,
Thanks for visiting