2 comments

• Comment Link Wednesday, July 11 2007 02:49 posted by A Pilgrim

  I work for a mortgage brokerage,company,and I am perplexed at the rap that some brokers are getting,while I do agree that many of them are crooks,I think that many of them are very honest and hard working.The industry representatives and associations are not representing this industry as they should ,why should brokers take the rap for the Sub Prime mess,they did not design the programs,the banks and the investors did.
  What about the real estate industry that have been selling houses with defective heating systems,roofs,windows,floorings etc,to the point when a burrower enters the house he has no other choice than to take out an equity loan and repair the house,adding another payment on to his monthly commitments,many a times this burys the borrower as he never allocated for this unforseen expense,yet the real estate industry is walking away free of blame,they charge 6 % commission and they are the moral emblem of the industry joining with others to condem brokers,while many of them are the biggest fraudsters out here making demands of mortgage brokers,that many a times is unrealistic...and if you cannot comply you get no business from them.
  The National Realtors I am sure is aware of their members actions but yet they join with others to attack the mortgage brokers. I am yet to hear anyone attacking the realtors in full force as they have attacked the Mortgage Brokers.
  What about the buyers themselves who has used their homes as a cash cow,to buy new cars,etc,when they run into trouble the easy thing to do is to blame the banks and the mortgage brokres.... not themselves for their actions..I have never heard them blaming the Realtors,who overchage them, on defective homes,new or old.
  The mortgage brokers have to get they act together and weed out the fraudsters,and better represent themselves in the public,it is pathetic,to see how everyone is beating up on this sector of an entire industry,while the Realtors and the banks are walking away free....
• Comment Link Monday, July 09 2007 20:41 posted by Jack Payne

  Now that the subprime market is ready to explode,and with the FBI's withdrawal of 2,500 agents from pursuing white collar crime cases (since 9/11), it appears that mortgage fraud is about to explode, too.
  
  --Jack Payne
  www.sixhrs.com