Then they came for the REALTORS®

By
Services for Real Estate Pros with The Real Estate Investment Institute 1retiredsage
http://actvra.in/7GS

Then they came for the REALTORS®!

 

First they came for the mid-level bankers, and I did not speak out-

because I was not a mid-level banker;


Then they came for the appraisers, and I did not speak out-

because I was not a appraiser;


Then they came for the Mortgage Brokers, and I did not speak out-

because I was not a Mortgage Broker;

Then they came for the Consumers, and I did not speak out-

because I was not a Consumer;


Then they came for the REALTORS® -

and there was no one left to speak out for me.

 

Then they came for the REALTORS®!

There is very little difference, today than when Pastor Martin Niemöller (1892-1984) wrote the original just different scape goats!

Today Dodd-Frank took away the consumer's options and choice about mortgage origination and control of their cost.

It's been twenty years now, since the Chairman of Countrywide made his speech about getting rid of the Mortgage Brokers, the very people that made him rich, to bring the origination fees back to the Banks. Today the Mortgage Brokers are nearly gone.

Then they came for the REALTORS®!

It's been even more than twenty years since the Banks wanted to get into/control real estate sales! Can the REALTORS® who didn't speak out for the mid-level bankers, for the appraisers, for the Mortgage Brokers, or for the Consumers really think all their finger pointing will protect them? Pastor Niemöller faced annihilation for 5 years in a Nazi concentration camp, may the REALTORS® be so lucky.

IE: MoPros Eat No Mo!!! New Amendment to Reg Z goes into affect April 1st. REALTOR, how long will you be eating?

 

 

Posted by

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org      Cell 832-259-7078,      Houston 832-582-8415,       Las vegas 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.orghttp://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr   ©The Real Estate Investment Institute   ©REII

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Gene perez 04/03/2011 01:28 PM
  2. Mark Brian 04/03/2011 02:55 PM
  3. Melissa Anderson 04/04/2011 06:39 PM
Groups:
The Ninety-ninth Percentile
Realtors®
Politics And Real Estate
Mortgages
Silent Majority
Tags:
realtors
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consumers rights
ysp
mortgage brokers

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Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

#21

Lucas,

We must demonstrate the courage of our convictions!

We were facing a different oppressive regime when Bingham Franklin said:"If we don't all hang together, then surely, we shall all hang separately."

Bill



 

#22

Jason,

There was no concern for the consumer in this legislation. None! If there had been then Congress would have simply mandated that existing laws be enforced! Every case of consumer abuse during this crisis involved breaking many existing State and Federal laws!

I will never forgive your choice of vocabulary, it was your choice, I chose to ignore it! As you planed it stands out, it slaps readers in the face to get their attention, but it distracts from and dilutes your point of view.

YSP, Yield Spread Premium that portion of the profits on a lone the bank shares with Loan Originators has never cost a consumer money! It's very existence as a label, as a line item on Good Faith Estimates and on HUD-1's is the problem! When the consumer goes to the bank they only know what they are receiving and what they agree to pay. They never know what the bank is making! Never! Truth is the banks don't know at the time of origination!

What the banks do know at the time of origination is that they'll make so much on the loan they can share part of it with the Loan Originator. Banks profits aren't limited! They have been held down not by regulation, not by law, but by competition from the mortgage brokers that originated up to 90% of all mortgage loans not to long ago! Bankers know that if the mortgage brokers don't force competition, if YSP is restricted then they can not only keep that part of the profit, but raise rates increasing the profits exponentially!

Who do you think is going to pay for those huge profits?

Huge profits there will be and they will be paid! I was going to point out how gas profits and road taxes have gone sky high with the advent of higher milage cars, or how water and utilities cost have gone up to retain and raise profits from higher efficiency homes! Let's see if I can come closer to your home. Do you still smoke? I've never smoked, but I remember when it cost $2.50 a carton, now you pay twice that a pack! Fewer smokers paying greater profits to makers and to the huge taxes.

Our so called liberals are nothing, but elitist despots! YSP, Government Concern are fairy tails!

Bill

==========================================================

#23

Kathy,

"This to will pass."

The idea is for us not to pass with "it!"

Bill



 Ed,

It's never been an Elephant!

It's a matter of perspective!

Elephants look like NATS given enough distance.

We've felt secure with the Elephants at a distance not realizing that it's really donkeys much closer to home.

Bill

 



 

 

#25

Bryant,

My friend I disagree.

Over three years ago I wrote in this forum that REALTORS® need to size the moment, but instead the response was "That's not my job!" As a consequence you now deal with clerks instead of bank officers! It now takes weeks many weeks to get a decision that use to be made in moments!

Banks don't control commissions you do and you've chosen to acquiesce! You mention the FTC, where is the NAR ? Why has the NAR not sued the FTC to enforce the law ? When the FTC forced the Boards to drop their membership requirements the FTC claimed that the preponderance of similar commission rates to be a conspiracy! If the REALTORS® were conspiring how can the banks not be guilty?

It's time for the NAR to finally stand on it's hind feet!

Regarding the link, weather we agree or not your post cause people to think! Thinking people can learn, but first you have to get their attention! You my friend are a catalyst to learning! We normally agree, and we'll work on those issues we disagree on.

Bill

=========================================================

#26

Kimberly,

I'm not sure of the relevance, but you've touched two pet peeves

Lets start with the MLS. The MLS is the greatest thing REALTORS®. Have done to help their consumers! Your fiduciary until about 20 years ago was always the Seller, by sharing the information with other licensees you dramatically increased the likely hood of getting the job done for the Seller.

Public access to MLS data is another matter. It's not the information I object to, it's the public posting of the list price! When you post the list price to the public they have no reason to call you. Knowing the price allows the consumers to rule themselves out. If a consumer calls an MLS member that member can offer them access to the whole market not just one house!

I recently wrote that I'd copyright the list price and publish it only to licensees!

Bill

 



#27

Glen,

Amen!

Bill

=================================================================

#28

Robert,

I disagree! Government hears our cries and uses them to hide their own agenda!

Bill

 



#29

Thank you Gene!

When dealing with the FTC the NAR tucked it's tail between it's legs in 1975 and hasn't taken it out since. Last year before Congress they presented a finger pointing tirade screaming "Not us!" and blaming every one they could.

It's going to take the members to reform in their best interest.

Bill

==============================================================

#30

Kimo,

Yup!

Bill

============================================================

#31

Erica,

We're going to see allot of this!

LO's were able to do so much more than any other source to help the consumers this new law their biggest tool is severely limited!

Bill

======================================================

#32

Marshall,

If you live in the USA you have a dog in this!

Bill

 



 

#33

 

Gene,

Say it again! Say it again.

Bill

=====================================================================

 

#34

Elizabeth,

Think how it's going to be when banks are the only source of work for appraisers!

Bill

===============================================================

#35

Lyn,

Say it again! Say it again.

Bill

 



#36

Gean,

Interesting link well worth reading.

Thanks,

Bill

 



 

#37

Michael,

I think that's wishful thinking.

Like Congress I suspect that it's an opportunist excuse.

Bill

 



 #38

Laura,

On three different occasions I've found myself standing on rattle snakes, that was similarly interesting! I survived! I'm not so sure this time.

Bill

 



 

#39

My Dear Sally,

The industry is not being taken down for any thing they've done. Congress is simply building on public ignorance!

Bill

 



 #40

Mark,

I'm humbly honored!

Bill

 



#41

Carla,

Look in deed! He's living better than the rest of us!

Personally I believe there is a special place in hell for the of the "Option Arm" pimp!

Bill

 



#42

Marta,

I agree with all, but your last line.

Every one should be able to own a home! The sub-prime loans were and over welling success. If all Governments programs worked so well we'd have no problems.

If existing laws had been enforced there would be no problems. No program was created to finance homes regardless of the ability to pay for it> The abuses you probably are thinking of were illegal perversions of the programs.

Bill

 



 

 

#43

Sharon,

I addressed this in responce to Bryant.

Bill

 

 

 

#24

Apr 03, 2011 07:30 PM #44
Rainer
207,479
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton

Dear Bill,

Wie wahr! Studying history helps us shape our actions, because others have been there before.

Apr 03, 2011 09:23 PM #45
Rainmaker
635,340
Dawn A Fabiszak
Keller Williams Real Estate ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Bill ~ unfortunately I believe that this happens all too often.  Folks speak up at the eleventh hour.  I hope it is not too late for us now.

Apr 03, 2011 11:09 PM #46
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

#45

Dorte,

That it does!

Bill

===========================================================

#46

Dawn,

I'm a perpetual optimist, but I'm worried!

It seems to me that hate has displaced logic with so many.

Bill

Apr 03, 2011 11:17 PM #47
Rainer
34,768
Melanie Thompson
Mortgage Equity Team - Lynchburg, VA
Registered Mortgage Advisor

Awesome post! I, too, wonder where NAR has been on this issue. Without the whole gamut of financing options and the mortgage professionals who offer a wide array of options, MANY consumers will be left out. When consumers are left out, the whole system suffers.

Apr 04, 2011 01:15 PM #48
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Melanie,

Thank you.

Your absolutely right!

For every Professional that loses there will be d more likely thousands of consumers that suffer!

Bill

Apr 04, 2011 01:21 PM #49
Rainer
34,768
Melanie Thompson
Mortgage Equity Team - Lynchburg, VA
Registered Mortgage Advisor

As a broker, I've closed great loans on small loan amounts, lower/no credit scores, lingering ex-spouse credit issues, and scenario problems that the mega-banks, regional banks, and even small correspondent lenders have all turned down. I'm an out of the box thinker who thinks everyone deserves a shot at homeownership if they demonstrate reasonable credit use and solid income stability. Sadly, these consumers, and many more, will not be served if brokers go away.

Non-arms length investor purchase - I can do it.

Lower credit scores - I can do it and coach them on score improvement.

Manufactured housing - I can do it, but don't advise it.

Ex-spouse's bankruptcy and foreclosure lingering on borrower's credit - I can do it.

No credit scores - I put them on the path to be lendable in 12 months if they're not half-way there already.

The day that a $12/hour originator at a mega-bank does all that, is the day that cows fly over the moon.

Apr 04, 2011 03:50 PM #50
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Melanie,

I think the banks are only paying $8.23/hour, but you get a turkey at Thanks Giving, Christmas and for a boss.

You'll be able to do allot less under the collective thumbs of Dodd & Frank.

God help the Consumers.

Bill

Apr 04, 2011 04:50 PM #51
Rainer
292,771
Melissa Anderson
Amcap Mortgage, Ltd. - San Antonio, TX

Everyone should re-blog this & make it known to all AR members what a nightmare this truly is.

 

Apr 04, 2011 06:41 PM #52
Rainmaker
1,281,099
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

You are right they are after us.  I think the banks want to control the entire real estate market.  The government does not want independent contractors, they want us all working for big corporations or the government.

Apr 04, 2011 07:30 PM #53
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Melissa,

I'm honored!

Thank you.

Bill

Apr 04, 2011 07:45 PM #54
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Gene,

I think they want us all dependent on the governent!

Bill

Apr 04, 2011 07:52 PM #55
Ambassador
2,036,430
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

How did I miss this one! You are dead on with this one, the government is bowing to the all mighty dollar of their biggest contributors and in the end they will be richer and we will all pay for it.

Apr 07, 2011 03:14 AM #56
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Todd,

Just glad you found it!

You were probably caught in the rain, the wet kind.Thanks,

Bill

Apr 07, 2011 09:05 AM #57
Ambassador
424,893
Mimi Foster
EPIC Real Estate Group - Colorado Springs, CO
Voted Colorado Springs Best Realtor

I just saw this article, and it becomes truer by the day.  It begs the question, "is there anything we CAN do to stop the steamroller?"  The only thing that really surprised me in the responses was that people seem to really believe that the banks don't want our jobs.  It is something that we have fought against for years and won - so far.  But don't believe for an instant that the banks aren't gunning for the whole pie.  Excellent article.

Apr 18, 2011 09:27 AM #58
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Mimi,

Thank You!

I'm glad you found it, even more so that you;re a kindred spirit.

You've only to press the button for a complmentry subscription.

Bill

Apr 18, 2011 10:57 AM #59
Rainmaker
996,908
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Ahhh... those nasty Democrats.  They are SO responsible for absolutely everything that is either wrong with, or that threatens the economy.

Apr 28, 2011 11:35 AM #60
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Karen,

You got this one right!

But, let us not forget the Rinos and Compromisers who are even worse because they know better.

Bill

May 27, 2011 02:06 PM #61
Rainmaker
131,925
Matt Robinson
Professional Investors Guild - Pensacola, FL
www.professionalinvestorsguild.com

Very thought provoking post, William.   If we're not careful, we will in fact be next!  Very tumultuous times for the entire real estate industry...

Oct 24, 2011 12:36 PM #62
Rainmaker
591,134
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

That it is Matt!

Tht it is.

Bill

10-24-11

Oct 24, 2011 01:36 PM #63
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Rainmaker
591,134

William J. Archambault, Jr.

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