Did Mortgage Brokers Cause The Economic Collapse?
There are so many factors that caused the economic meltdown we are currently experiencing. Some take the top down approach and blame Wall Street and say it is the greed. Others even want to go to the very top and blame the government...I know some who blame President Bush, personally.
Then other go to the botto and blame the consumer for wantiong it all..and above the consumer level is the greed of the agents and loan officers.
Well here is a short example of what is taking place in the current market with those who are still in business.
Crying shame, in my book...
I don’t know, but wait until you hear this. A couple days ago I called a mortgage broker for my buyer to ask a question about a USDA loan. I just had a quick and easy question for the guy.
I asked him why the buyer qualified for a $120,000 USDA vs $80,000 FHA. And then BAM!!!! He hit me with a brick! "We need to get him in as expensive a house as we can, that way we get paid more…right? Hahaha". HOLY CRACK JACK, IS THIS GUY ON DRUGS? Smack me and I wouldn't have noticed. Is this guy serious?
I know mortgage brokers in general didn't cause our current situation. But I'm sure guys like this (Mister Snake Oil Salesman) didn’t help any. Unbelievable! With consumers already losing trust, how are we supposed to help them get back what they’ve lost with these kinds of people in our industry? What do you all think?
Image Courtesy of Yomanimus at Flickr
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