NO ALOHA for Congress or the Lending Industry

By
Real Estate Broker Owner with Island Style Realty Inc. RB-19250

During the hot real estate market a few years ago banks, federal government and people committing fraud caused property values to artificially jump.  Today the same banks and the same government are causing the those property values to drop all over the country.  I spoke about how lenders are causing property values to decrease by their incompetence in a previous post: Lenders Are Causing Property Values to Drop.   

Now they want us to be grateful to them for saving us with our own money (massive amounts of it).  I for one am not grateful, I am fed up.

Congress made laws requiring banks to give bad loans and then took kick backs from them (campaign donations and sweet heart loans). Those in congress knew Fannie Mae and Freddie Mac were in trouble 4 years ago and did nothing about it covered it up and protected them; so they could continue to write even more bad loans. 

Since that time members of congress continued to take money from Fannie, Freddie and the lending industry.  Executives from Fannie and Freddie left with giant bonuses after riding those institutions into the ground and cooked their books. Instead of prosecuting them, many found golden parachutes.  A few of them are now financial advisors for the presidential candidate who was the second highest collector of donations from Freddie and Fannie.  I wonder what advice he is getting.  Are they planning the next crash and burn cycle?  I definitely will not be saying thank you to congress.  I have no Aloha for them.

Lenders and government sat back while massive amounts of mortgage fraud went on around the country and did very little.  In some cases they were active participants.  Mortgage fraud caused property values to climb artificially in communities across the country.  Consumers buying homes at that time paid more.

Now the very same lenders are driving down prices in those communities.  They are causing consumers to lose money and their homes in some cases.

So again I say, NO ALOHA for Congress and the Lending Industry.

Posted by

 

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Randy L. Prothero, REALTOR®

Principal Broker, ABR, AHWD, CRS, e-PRO, GRI, MRP, SFR

Island Style Realty Inc.

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

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  1. Robin Rogers 10/09/2009 12:26 PM
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Topic:
Lending / Financial
Location:
Hawaii
Groups:
Almost Anything Goes
ETHICS and the REALTOR
Mortgage, Foreclosure & Elder Abuse Housing Fraud
Out Of The Box!
Realtors®
Tags:
congress
mortgage
fannie mae
freddie mac

Comments 10 New Comment

Rainmaker
573,313
Neal Bloom
Realtor CRS-Weston FL Real Estate
Keller Williams Properties, Weston FL

Randy,

It is only tailored for the rich to get richer...they want to reward all those big executives. They care less for middle class and the poor...face it...we live in America but we are treated like we live in a third world country...the only difference is we aren't beheaded...our homes and income are.

October 10, 2008 06:40 AM
Rainmaker
1,234,950
Charles Stallions
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.
Charles Stallions Real Estate Services

Ann is right on, all incumbents need to go....straight to jail. It is treason what congress has done and if one was tried I would bet he would be convicted.

October 10, 2008 06:56 AM
Rainmaker
617,128
Randy Prothero
Hawaii REALTOR, (808) 384-5645
Island Style Realty Inc.

Neal - It is all about money and power for these folks, no morals.

Charles - You are right, if we did what they did we would be in prison.

October 10, 2008 11:58 AM
Rainer
46,541
DJ Swanepoel
Real Estate Wiki

Randy, thanks for an enlivening post and for commenting on my blog; I really appreciate it:)

October 14, 2008 01:10 PM
Rainmaker
617,128
Randy Prothero
Hawaii REALTOR, (808) 384-5645
Island Style Realty Inc.

DJ - You are welcome.  I am glad to see you posting on Active Rain.

October 14, 2008 05:24 PM
Rainmaker
617,128

Randy Prothero

Hawaii REALTOR, (808) 384-5645
Ask me for a free valuation of your Oahu Home.
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