Ok everybody from the candidates to congress want to jump on the "blame the mortgage broker" band wagon.  They want to create forms, disclosures and blugenoing racks for us.  The salem witch hunts come to mind.  I'm sure a public burning or two is not beyond their sights.  In California we have had stringent licensing policy for a very long time.  Our licensing laws are administered by the California Department of Real Estate and the licensing laws come from a combination of State Law and RE Commisioner rules.  We have a set of State disclosures to go along with our Federal disclosures that are required in every loan package.  We laugh at the concept of people being concerned about licensing.  It's ok they just want the revenue.

With all the licensing and all the laws we still forget that there are several out there that break the laws and but a few to find them.  I am an Eagle Scout.  I live by 12 simple rules that have been part of my daily life for at least 30 years.

A Scout is; Trustworthy, loyal, helpful, friendly, courtious, kind, obedient, cheerful, thrifty, brave, clean and revrent.

That's it.  If we would teach morals and values and be able to have a reasonable expectation that people want to do good for others than we have all the laws and regulations a society will ever need.  If Congress would spend the time making sure that schools can teach a moral right from wrong then there is no question that when I'm selling an option arm I will remember to show the client what happens with the unpaid interest.  When writing a stated loan I will ask my client "what makes you think you can afford this payment" and listen for the answer.  I will take the time to explain what an index and a margin are and how they work together.

That's how it should be.  I'm not sure when Morality became a dirty word.  Notice I am not speaking about Religion only Right from Wrong.  Even nature, in very cruel ways, demonstrates a right from a wrong.  It is always wrong to lie to a client.  It is even more wrong to lie to that client for personal gain.  Notice no gray, no ambiguity.  If you lie then you are wrong.  Ok the banks went so far as to create programs so that no one had to lie.  But the investment banks seem to not call it a lie when they rate securities as AAA with out any knowledge of how they will perform.

Congress stop, Obama, Clinton, McCain, Stop  Bernake, Alphonso, Paulson, Stop.  Let the market do it's thing so we can move on.  We need a new way to sell in secondary and those willing to buy and pay for risk need to be allowed to do so.  Enforce the laws that exist and scold those that have stopped teaching morality.  I really don't need the filandering, drunkerds of the political arena to tell me how to be right.