Good News for the Real Estate Market: Wells Fargo exceeds revenue-

It is funny.  Crowds are always the same.  When something goes up, they buy, and when something goes down, they sell.  I would think it would be the opposite.  A person is smart, but people are not very intelligent.

Let's see what we hear from WaMu.

I would not be jumping up and down quite yet.  Most of these big banks are still trying to put your local broker out of business.  They can hire newbies and semi train them to take a loan application and jack up the rates to your clients. 

It is like the frog theory.  If you put a frog in cool water and start warming it up, he will stay in it and boil.  We are doing the same thing.  We are almost at the boiling point now.  Many of the big banks are behind bills like HR-315 that would eliminate how brokers get paid.  They will eliminate Yield Spread Premium YSP and then we cannot help out clients with some fees or offer no fee loans.  The Realtor network along with the Brokers and Independent Mortgage Bankers need to put pressure on Congress to not cave to the special interests on this.  We all need help or we can all pay the price later.

We once had the banks doing it.  What did we get?  The RTC.