Mortgage Brokers Unfairly Targeted.. Victims Of Political Foul Play?

By
Real Estate Mortgage Broker with Eric J - Dream Home Financing

Mortgage Brokers Unfairly Targeted.. Victims Of Political Foul Play?

If you are an adult and you have been living in this country for the past year or two, you know about the "mortgage melt down" that occurred. The thing that really bothers me is the talking heads pointed their fingers at the mortgage brokers when in reality, it is Washington and the big banks who were responsible. Mortgage brokers are unfairly targeted again.

That part is water under the bridge and the average US Citizen will never know the truth. Part 2 to the big cover up is that the large banks (Wells Fargo, Citi, Bank Of America, Chase, etc) not only received money from the tax payers to bail them out, but they also (along with the Fed) crafted messages to the general public that put the blame on the mortgage brokers. They painted them as being evil and the reason for the bad loans and economic slow down. Again...mortgage brokers are unfairly targeted.

What happened next? The government forced loan officers who work for a mortgage broker to get tested. That entire process costs about $1000 per loan officer. Guess what? if you are a loan officer who works for one of the big banks, you are exempt. Makes sense right? Someone can be a bank teller today and be moved to the mortgage desk tomorrow and originate loans without any training or testing. Many broker loan officers simply got out of the business because this was all too much for them to deal with. Many small brokers are now out of business. Political contributions by the big banks paying off big time.

How will this impact the mortgage consumer? If the Fed and the large banks get what they want, there will be no brokers and no competition. Consumers will be paying a premium. Take a look at the attached video and let me know what you think.

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Groups:
Almost Anything Goes
Blogging & SEO
Dedicated Bloggers
Power of Activerain
Realtors®
Tags:
mortgage brokers targeted

Comments 4 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
760,668
David Spencer
Chicago Area Commercial-Residential R.E.
Keller Williams Team Realty

The last time they blamed it on the appraisers. They made them get licenses, so now they can't blame it on them anymore.

April 11, 2011 10:19 PM
Rainmaker
606,396
Pamela Seley, REALTOR®
Menifee Lakes California Real Estate
REALTY EXECUTIVES OTF

Eric, thanks for posting. I guess that's one way to get a job with the feds. They don't care about who they are blaming, but only one thing, nationalize the banking system so there will be only one bank.

April 11, 2011 10:26 PM
Rainmaker
591,182
Laura Giannotta
Your Realtor Down the Shore!
Keller Williams Realty - Atlantic Shore

The government will never step up and say 'It was our fault."  They've got to have a scapegoat, who knows where the finger will point next!

April 12, 2011 05:50 AM
Rainmaker
133,700
Eric J
Eric J - Dream Home Financing

Thank you for the responses. Everything the gov't has done to "protect" the consumer has simply cost them more money. Now, with the new compensation rules, they are forcing me to make more money than what I typically make. On the surface, you would say "what is wrong with that?". However, I often make a lot less in certain situations. The gov't is not even going to allow me to refund any of the costs to the borrowers. How insane is that?

April 12, 2011 07:46 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
133,700

Eric J

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

dream home

friend