Mortgage Brokers Unfairly Targeted.. Victims Of Political Foul Play?

If you are an adult and you have been living in this country for the past year or two, you know about the "mortgage melt down" that occurred. The thing that really bothers me is the talking heads pointed their fingers at the mortgage brokers when in reality, it is Washington and the big banks who were responsible. Mortgage brokers are unfairly targeted again.

That part is water under the bridge and the average US Citizen will never know the truth. Part 2 to the big cover up is that the large banks (Wells Fargo, Citi, Bank Of America, Chase, etc) not only received money from the tax payers to bail them out, but they also (along with the Fed) crafted messages to the general public that put the blame on the mortgage brokers. They painted them as being evil and the reason for the bad loans and economic slow down. Again...mortgage brokers are unfairly targeted.

What happened next? The government forced loan officers who work for a mortgage broker to get tested. That entire process costs about $1000 per loan officer. Guess what? if you are a loan officer who works for one of the big banks, you are exempt. Makes sense right? Someone can be a bank teller today and be moved to the mortgage desk tomorrow and originate loans without any training or testing. Many broker loan officers simply got out of the business because this was all too much for them to deal with. Many small brokers are now out of business. Political contributions by the big banks paying off big time.

How will this impact the mortgage consumer? If the Fed and the large banks get what they want, there will be no brokers and no competition. Consumers will be paying a premium. Take a look at the attached video and let me know what you think.

 

 

 

     

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Posted by Eric J on 04/11/2011 10:12 PM   Comments (4)   Mortgage Brokers in the ActiveRain Channel   mortgage brokers targeted  
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4 Comments on Mortgage Brokers Unfairly Targeted.. Victims Of Political Foul Play?

APR
11
2011
631,102 Points 5 Featured Posts Localism Sponsor Outside Blog

The last time they blamed it on the appraisers. They made them get licenses, so now they can't blame it on them anymore.
10:19pm • #1
466,170 Points 50 Featured Posts Called Shot Master

Eric, thanks for posting. I guess that's one way to get a job with the feds. They don't care about who they are blaming, but only one thing, nationalize the banking system so there will be only one bank.
10:26pm • #2
APR
12
2011
560,607 Points 18 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

The government will never step up and say 'It was our fault."  They've got to have a scapegoat, who knows where the finger will point next!
5:50am • #3
133,596 Points 3 Featured Posts Attended Rain Camp

Thank you for the responses. Everything the gov't has done to "protect" the consumer has simply cost them more money. Now, with the new compensation rules, they are forcing me to make more money than what I typically make. On the surface, you would say "what is wrong with that?". However, I often make a lot less in certain situations. The gov't is not even going to allow me to refund any of the costs to the borrowers. How insane is that?
7:46am • #4


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