There's been a lot of disappointment in the real estate business over the last decade.
You can't deny it.
The collapse of lenders, prominent banks.
Hundreds of mortgage brokerages shut down and loan officers in prison for deceiving and betraying borrowers.
Fraud for profit, fraud for housing, and much more to sour your appetite for this profession.
Subprime devastated millions of families, bankrupted them and put them in the streets.
Robo-signing scandal involving millions of fraudulent foreclosure documents.
Billions of dollars of misrepresentations of fair market value.
Thousands of closing attorneys, appraisers, mortgage brokers, loan officials, bank executives, real estate agents, straw buyers, and others sentenced for real estate fraud.
Real Estate Investors in prison for anti-trust violations and bid rigging at public foreclosure auctions.
HUD housing executives jailed for the misappropriation of funds for low income families.
The collapse of Lehman Brothers, Bear Stearns, AIG and others on Wall Street.
Hundreds of thousands of Realtors resigning from NAR.
Local real estate associations with declining membership rosters.
Regulatory boards revoking licensees for fraud and ethics violations.
Department of Justice indictments against NAR and other boards for anti trust violation.
Failed refinancing programs for distressed homeowners.
Predatory lenders skimming the equity from homes throughout this nation.
Bogus commitments from loss mitigators involving short sales.
Redlining.
Steering.
Hate crimes targeting minorities.
Predatory mortgage servicing practice with bait and switch interest rates.
Pay option adjustable rate mortgages.
Document switching tactics providing accurate documents to the seller and inflated bogus documents designed to swindle the lender with higher values.
(proceeds split by dirty appraisers and closing attorneys)
Fraudulent misrepresentations for loan qualifications.
The fabrication of a fraudulent credit history.
Fabrication of employment history.
Rapidly rising interest rates.
Loss of confidence in the secondary mortgage market and mortgage backed securities.
Tighter lending requirements and more restriction based on FICO scores.
Banks with less money to lend because of less interest in the secondary market because of failed subprime.
Unscrupulous mortgage bankers who swindled millions of families with predatory loans and only got a slap on the wrist.
(you know who I'm talking about)
Commercial real estate ponzi schemers duping investors of billions.
The deaths of Sarah Walker, Ashley Oakland and dozens of other real estate professionals over the last few years, murdered by merciless scum while on duty.
Blight, foreclosure, poverty, heartbreak.
An incalculable, immeasurable quantity of greed and fraud.
Why should I stay in the real estate business ?
Because someone needs me.
-David-
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