Haven't We Been Here Before?

By
Real Estate Sales Representative with Keller Williams Cornerstone Realty
http://actvra.in/K9g

Haven't We Been Here Before?

 

A recent Wall Street Journal Article reports another attempt by the Federal Government to meddle in the mortage markets.

 

"WASHINGTON—Federal regulators are considering giving mortgage lenders protection from certain lawsuits, according to people familiar with the matter, a move designed to encourage lending to well-qualified borrowers."

 

 

 

Home Loans May Get Shield

 

Ironically it is supposed to be because banks are unwilling to lend to "well-qualified borrowers". What well-qualified buyers are not getting mortages?

 

We just posted this: Banks Not Lending? Houses Sell Every Day!

Houses are sellings!

 

So who are these "well-qualified borrowers"? We have not seen one single buyer get refused unless they had bad credit, no down payment, high debt to income ratios or all of the above!

 

 

 

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Rainmaker
514,675
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

I completely agree with Lenn's comment above but just want to add that Wall street in fact gave proven tim and agin that if not regulated...will keep acting like the theives they really are.It amazes me that the mindset is Govt,]. is always bad...really?

Oct 17, 2012 05:40 AM #8
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thank you everyone.  Yes lobbists, repeating history, more regulation.  In the meantime the media is focused on negative news, the campaign and "banks not lending". lol

Oct 17, 2012 05:45 AM #9
Ambassador
1,650,088
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

That is not a bad idea if you are lender. .make more money and reduce their risk. . from a business stand point. .hiring lobbyists was a brilliant idea !

Oct 17, 2012 05:56 AM #10
Rainmaker
322,476
Sara Homan
Coldwell Banker Ellison Realty 352-209-4044 - Ocala, FL
Realtor, Homes, Farms & 55+

Congratulations on the featured post Bob!  Mortgages are certainly a hot topic.

Oct 17, 2012 05:59 AM #11
Ambassador
713,774
Brad Andersohn
Zillow - Nat'l Outreach Mgr & Dir. of Zillow Academy - Fairfield, CA
ActiveBrad 707.646.1876

What is well qualified? lol~ I feel qualified for many things including some mortgages, I can't seem to find that "prick your finger" loan amymore?

Oct 17, 2012 06:20 AM #12
Ambassador
760,832
Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

Hmmm, more protection for some lenders so that they have more reason to drop the ball...WTH?  Sigh...

Oct 17, 2012 06:21 AM #13
Rainmaker
313,173
Frank Laisch
Stewart Title Company - Tampa, FL
"The Insurance Guy"

Maybe the media wants to go back to the "mirror test" for mortgages, so anyone breathing can get one. isn't that how this mess started?

Oct 17, 2012 06:34 AM #14
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks Sara!  We got Susie in our sights!  lol

Oct 17, 2012 06:46 AM #15
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks everyone.  Prick your finger, breathe on the mirror - how about stated income?

Oct 17, 2012 06:47 AM #16
Rainer
94,956
Shane Barker
Amerifirst Financial, INC. - Salt Lake City, UT

Incredible, things are a little backward right now.

Oct 17, 2012 09:12 AM #17
Rainmaker
503,371
Sarah Oswald
Eastvale Team Realty & Property Mgmt - Corona, CA
Broker, Realtor, CDPE, CIAS, SFR , Investor

Why are we giving the banks more protection? Didn't the government already bail them out...I thought they are the ones who broke the law.  What protection has the middle class homeowners who are underwater received from the government?

Oct 17, 2012 09:34 AM #18
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks everyone.  It is amazing how transperant it is to everyone of us, but not the consuimer.

Oct 17, 2012 09:38 AM #19
Rainmaker
337,925
John Juarez
Prudential California Realty - Fremont, CA
CDPE, ePRO, SRES, GRI, PMN

Quoting President Ronald Reagan: "The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.’"

 

Seems to apply in this instance...

Oct 17, 2012 09:40 AM #20
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks John.

Oct 17, 2012 09:48 AM #21
Rainmaker
411,516
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

Not quite so sure lenders deserve more protection...

Oct 17, 2012 10:32 AM #22
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks Kevin, that's what we are thinking.

 

Oct 17, 2012 01:04 PM #23
Rainmaker
1,052,166
Kevin B. Tolbert PA Team
Keller Williams Realty of Port Saint Lucie - Saint Lucie West, FL
New Home Construction and Luxury Specialist!

We haven't seen that too badly here in Florida.  If they are qualified, they get mortgages.

Oct 17, 2012 06:55 PM #24
Rainmaker
655,512
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Bob:

The same is true here in Northern California.  People who are qualified are able to get a loan to purchase a property.  Thank heaven.

Oct 17, 2012 07:54 PM #25
Ambassador
1,565,489
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M

Bob - The goverment decided to meddle again?  Who knew they would do something again?

Oct 17, 2012 10:54 PM #26
Rainmaker
636,809
Stephanie/Bob The Ruiz/Miller Team
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Thanks Kevin and Evelyn, our point exactly.  The only people saying banks aren't lending is the media.  And now the governement.

 

You are right Christine

Oct 18, 2012 02:18 AM #27
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Rainmaker
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