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I feel that I work in an industry that affords
me the opportunity to make a difference in peoples lives. I have been
given great power, and with great power comes great responsibility. I have
a responsibility to police my industry from the scum that prey upon innocent
naive people trying to make a quick buck. I hate hearing stories from people
about investors stealing equity by inflating values, so much so that a normal
person cannot own a house. It is human nature to want to make money and do
it with ease and simplicity, but how can one honestly think buying a house for
500K one month, and selling it for 600K the next month, and then a third sale to yet another
investor for 700K a month later is legit? Capitalism is one thing, but creating
value is another. These people can say "The appraisal is legitimate, the value is there." but where
did the value come from? It came from the three other houses that the
investment company owns that has been sold merry go round style amongst themselves to
inflate the values of all three of them, making them "perfect" comps.
Who is left holding the bag, the lenders in the end have it all thrown back on them, they own a house that last "sold" for 1.4 Million dollars that is worth 750K.
How does that effect all of us????? Higher rates and higher fees on our loans. If you know of anyone committing fraud, please have the guts to turn them in. We all pay the price for a few bad apples and that isn't fair.
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Provo Home Loans, American Fork Home Loans, Cedar Hills Home Loans, UT Home
Loans, Saratoga Springs Home Loans, Orem Home Loans, Spanish Fork Home Loans,
Payson Home Loans, Springville Home Loans
;)
;)
