California Housing Market - I

And, greedy brokers who put defenseless,  unedcated borrowers in loans they could ill afford, or interest only pay option product, just so they could collect points on the front and rebate pricing on the back are the primary cause of the markets failure today. It is not an illegal activity, but, it should be. I hope and pray for RESPA  reform and that the general public gets  educated about mortgage brokers, rebate pricing, which really boils down to a kickback to the broker. Rare is the broker who tells his borrower, "yes you could get a lower rate; however, I will contribute part of my rebate pricing to your closing costs and not charge  you an orgination fee for a little righer rate" Most do not, they go for the max rebate,  nearly everytime. PUKES. I hope all the, immoral brokers who made  hundreds of thousands of dollars in the mortgage boom, end up selling shoes at Nordstroms, better yet, Payless! And the investors who purchased this product keep feeling the pinch of no money and defaults. Mortgage Broker reform is not only needed,  it should be at the top of the list for severe penalties if they do  not act in their borrower's best interest. Most brokers are  predators, bordering on criminials.