I'm normally a very positive guy.  So this post isn't meant to look at things in a negative light or paint with a broad brush.  But... Can't help but notice a not very subtle shift in the focus of this forum when the topic involves loans and the loan industry.  Approx 6 months ago there were many posts from people on the financing side of our industry which highlighted and even boasted about various techniques on how to artificially " improve"  the credit score of a potential buyer.  The posters seemed to fall over each other to be the first to explain how they manipulate the scoring systems to get a " credit challenged " applicant approved !   An occasional reply would point out how this was unethical or deceptive to the extent that it manipulated the system to the benefit of an undeserving/weak buyer but most thought the ideas were acceptable. At the very least there were few who challenged them.

Today our market has changed and there is a very harsh light being cast on loans and underwriting practises which contribute to ever increasing defaults.   Now, seems like every other post is extolling the virtues of being honest and professional.  Don't get me wrong.  There is plenty of blame to go around.  And there are agents who pushed buyers into idiotic loan programs just as there were loan officers only too happy to make the loan.  My observation here is that as the focus of the forum shifts to finding responsible ways to deal with this issue those earlier posters are conspicuously absent - and for good reason.

 

Website:   www.BillGillhespy.com

Fort Myers Beach Realtor

 

6 Comments on Casting a very harsh light...

AUG
12
2007
 Good point..... These buyers with this instant credit score of 650 or above has killed the market. We(agents loan orginators) took these 505 credit score buyers and over night turned them into 650 and now the market is suffering.
12:37pm • #1
104,190 Points 5 Featured Posts Outside Blog
A quick fix is no fix at all. If it sounds too good to be true, then it is too good to be true.
12:45pm • #2
9 Featured Posts
Bill, maybe they're not here because they aren't in business any longer. There's been a lot of fall-out from the recent troubles in the mortgage industry. Those who bragged about what they were doing were probably the most visible when the axe started to fall.
1:34pm • #3
569,544 Points 1 Featured Post Localism Sponsor Outside Blog

Michelle: Thanks for stopping by and commenting.

Rosario: Agreed !

Andrew:And good riddance to them.
2:38pm • #4
AUG
22
2007
190,820 Points 7 Featured Posts Outside Blog

Bill,

Thanks for the post. Now I see the connection between my post today and this one. Creative financing is has come home to roost.
7:30pm • #5
JUL
15
523,054 Points 10 Featured Posts Outside Blog Called Shot Master

That was news to me.  But, like everything else, home buying is cyclical.  Thanks for a good history lesson, Bill!
12:30pm • #6


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Dsc_0686 Rainmaker_large

Bill Gillhespy Fort Myers Beach Realtor Fort Myers Beach Agent - Homes & Condos

Fort Myers Beach, FL

More about me…

16 Sunview Blvd

Address: 16 Sun View, Fort Myers Beach, FL, 33931

Office Phone: (239) 463-3400

Cell Phone: (239) 699-7128

Email Me

My Fort Myers Beach blog is meant to open a dialogue between you and I - a chance to share an idea or to express my thoughts on life !


Listings

Links

Archives

RSS 2.0 Feed for this blog