And if I knew how to highlight another blog, I'd grab the one that Ken Cook posted about the fact that the corrupt lenders ought to be named and not just the industry as a whole!
http://www.charlotte.com/mld/charlotte/15870426.htm
This is the article, posted in the Charlotte Observer on Saturday 10/28. I know that mortgage fraud has appeared all over the country, and in Charlotte we've had 4 full-time FBI agents working the backlog of cases, and trying to ferret out the corrupt lenders, attorneys, appraisers, etc. Nothing has pleased me more than seeing so many of the overnight shops closing up and vanishing. They have stained the mortgage industry and have destroyed property values in several neighborhoods throughout our area.
Moral of the story? If it sounds too good to be true, it probably is! Buyers, ask your agent to run comps on the house you plan to buy-this is a simple task and part of our fiduciary responsibilities. You should know that what you're paying is supported by the neighborhood as a whole. A lot of these incidences wouldn't have happened if buyers were properly educated in HOW to select the right agent.
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