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NO ALOHA for Congress or the Lending Industry

Anniversary reblog!

Randy was not a happy bunny when he wrote this rant post one year ago.

Have things changed since then? Can we give out a little aloha now? What do you think?

Via Randy L. Prothero - Hawaii REALTOR® (Century 21 Liberty Homes):

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.

Robin Rogers, Realtor, Broker-owner, ABR, TRC, CRS

Also Cat Owner, Photographer, Smartass, Aspiring World-Class Drummer

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Posted by Robin Rogers, CRS: fun and professional real estate agent and investment adviser on 10/09/2009 12:26 PM

Comments (5)

Mortgages in the ActiveRain Channel

congress, mortgage fraud, lenders, property values, fannie, freddie, fnma

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5 Comments on NO ALOHA for Congress or the Lending Industry

OCT

But maybe they can get a nobel PIECE of the market prize. lol

Now that so many mortgage guidelines have changed, we have buyers complaining that they didn't have to provide "this much information" last time they bought a home.

I always explain the effect mortgage fraud has had on our industry and the economy.

I had a client cut out his bank account number on his bank statements and give them to me today, along with a personal check for the appraisal. I explained we would need bank statements with the account # on them. He did not want to provide this, until I also explained his account number was right there on his appraisal check!

As a loan officer, my job is to educate clients and walk them through the entire transaction. I find myself spending more and more time explaining why we have to be much more specific.

Things are changing, best to adapt like the caterpillar that becomes a butterfly right?

Howdy there Robin

I sure don't think, that the Government folks, need to be go-en any where. That need to stay working, to show us the America Folks. That they can really do the jobs, that we vote them into. I also feel they should not be able to give them selves a pay raise, the America People should be able to vote for any pay raises they get.

Baker Home Commercial Properties Inspections and Consulting AR Signature