Joe Falk of NAMB defends against singling out Mortgage Brokers with THE POLITICO
NAMB Past President & Government Affairs Chairman Joe Falk warded off an attack singling out mortgage brokers in an interview with The Politico this week, saying, " Lenders, bankers, securitizers, and others wish to blame mortgage brokers for the entire mortgage crisis. We respectfully disagree. Mortgage brokers are small business people who cannot arrange loans that cannot be purchased by lenders. Mortgage brokers did not come up with loans like four-pay option ARMs, lenders and banks did. Mortgage brokers did not develop the disclosures that consumers sign to apply for and attain these loans, that was govenment's job. We didn't securitize them or sell them to the hedge funds, Wall Street did. The fact is everyone is at fault, and everyone needs to share the blame."
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2 Comments on We are not the Devil's that we are painted to be
Dave,
I just posted a blog on Explaining the Mortgage Crisis ... you are correct, not all Mortgage Brokers are to blame ... some blame should go to the real estate agent that is always pushing the more expensive house or is not looking after their client's best interest or "SHOPS" a buyer around and says something to the effect "If they cannot get you a loan I know of someone else."
However, since this is a commission industry the arguement can be made that ... "If I don't do this someone else will."
There are mortgage people I have spoken with that flat out told me that they pushed the loan that they got paid most on ... so like every industry there are those that do not belong.
Dave Woodson
;)
;)
Dave,
I just posted a blog on Explaining the Mortgage Crisis ... you are correct, not all Mortgage Brokers are to blame ... some blame should go to the real estate agent that is always pushing the more expensive house or is not looking after their client's best interest or "SHOPS" a buyer around and says something to the effect "If they cannot get you a loan I know of someone else."
However, since this is a commission industry the arguement can be made that ... "If I don't do this someone else will."
There are mortgage people I have spoken with that flat out told me that they pushed the loan that they got paid most on ... so like every industry there are those that do not belong.