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Punish The Perception No Matter Who It Hurts

By
Services for Real Estate Pros with The Real Estate Investment Institute 1retiredsage

President Barack Hussain Obama, President of the United State of America's administration according to an article in the "International Herald Tribune" and on their web site: ttp://www.iht.com/articles/2009/01/25/america/25regulate.php that I found on the Drudge Report, is promising major changes in the way mortgage brokers exist! It says: "they would propose new federal standards for mortgage brokers who issued many unsuitable loans and are largely regulated by state officials." 

It's obvious that they mean "mortgage bankers" but it's highly unlikely that they care, brokers are what they hear in the sound byts so it's the brokers their going to get!

Unfortunately, words do have meanings and the mortgage brokers are going to suffer. For the record brokers don't design the loan programs or approve the borrowers.

Regarding those mortgage bankers, few of them designed loan programs they just facilitated the really big lenders programs.

Even the big securitisers that ultimately designed the programs were just expanding to conform with government mandated social programs.

The mandatary "Community Reinvestment Act" is only a facilitator. If it were totally wrong, how do we explain the over whelming success of over 90% of it's beneficiaries. If as many do you blame this government program, why would you think additional government interferences could actually help the consumer.

If President Barack Hussain Obama his Administration and Party really want to cure the problem consider the truth of the matter.

Prosecute the criminals at the top of the big securitisers that faked records to collect bonuses!

Prosecute the regulators we already have that allowed this!

Prosecute the Congressman that took huge donations to look the other way and grease the skids!

We've already got the necessary laws!

What would make anyone think that any new laws and new bureaucrats would be any better?

Most of the mid-level mortgage banks that failed did so waiting for one or two more basis points. That's bad management, greed, foolishness, but not criminal!

Mortgage brokers are not without sin, there is some fraud. Both state and Federal laws ready out law fraud.

Prosecute fraud, when ever and where ever you find it!

Expos facto laws won't get the perpetrators of current problems.

New laws and bureaucrats only means new scheming and additional payoffs.

If you really want to go after mortgage brokers , go after anyone who sold an "option arm" to financially unsophisticated and/or salaried/hourly workers!

Go after the schools that graduated people with so little education they can't understand, if you don't make your payments you can't keep the collateral!  (Sir in this case the homes are the collateral.)

Mr. President if you'll go after the rest I'd forgive you pardoning yourself.

Sir, only family is more important than a man's home. You've got allot of new but sub-prime Fema trailers why not send one to your brother?

Bill

Posted by

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org      Cell 832-259-7078,      Houston 832-582-8415,       Las vegas 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.orghttp://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr   ©The Real Estate Investment Institute   ©REII

Comments (19)

Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Bill.... damn... you are so right on with this message. Before attacking people... or crucifying groups, get to know what you are talking about and the differences. It's truly sad when a public or elected official wants to make a statement about a certain group, but has the wrong group or doesn't totally understand it... but think they do.  It's called research.. sad... thanks for bringing this up.

jeff belonger

Jan 25, 2009 12:28 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Thanks Jeff!

I knew you'd understand, but what are we to do about the masses that don't know and worse don't want to know?

Bill

Jan 25, 2009 12:37 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Right now they are just trying to make as much noise as they can to make it look like they are trying.  The facts DO NOT MATTER!

Jan 25, 2009 12:55 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

William, Mr Feela,

You're right about the noise, but Obama has already discovered Executive Orders!

Thank for joining the conversation.

Bill

Jan 25, 2009 01:01 PM
Mike Saunders
Retired - Athens, GA

William - too much common sense in what you posit. Plus, it is much easier to make new laws than to take a chance of having your own malfeasance, or at best inadequacies, revealed under existing laws.

Jan 25, 2009 11:28 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Mike,

You know it's all smoke and mirrors.

Bill

 

Jan 25, 2009 11:56 PM
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Bill,

Wow! Just took a moment to glance at your post...I saw enough to like it but on the run to recover the Mrs at the airport....I'll be  back!

Jan 26, 2009 01:10 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Ron,

Looking forward to hearing from you.

All our best and a welcome home to the Mrs.!

Bill

Jan 26, 2009 01:22 AM
Bob Cumiskey
A1 Connection Realty, Inc. - Sun City Center, FL
US Army Retired, Your Sun City Center, Florida ~ Realtor

Mike, Is this some kind of joke?  You are asking politicians to do the right thing?  Good Luck.  Great post by the way.

Jan 26, 2009 10:08 AM
Hugh Krone
Weichert Referral Associates - Hamburg, NJ
Realtor, Sussex County NJ

Bill,

There is really nothing to add here. The nightly news has become a freak show it is really getting scary.

Jan 26, 2009 11:07 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Bob,

Thanks for visting.

Bill

Jan 26, 2009 12:27 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Hugh,

Your presents adds to the blog.

Thanks,

Bill

Jan 26, 2009 12:30 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Bill,

I appreciate what you said about the difference between bankers and brokers.  "For the record brokers don't design the loan programs or approve the borrowers."  Today, you're my favorite blogger.

Mike in Tucson

Jan 26, 2009 09:09 PM
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Bill,

I'm back! Firstly, let me say that ,all in all, you have made several thought provoking posts on ActiveRain and I consider this one of your best. Absolutely no mush in your month and point well made. This post has generated a lot of thought on my part. So as to not ramble on I probably will return a few times to comment on these thoughts.

Unfortunately in the "Real World" perception takes on a "life of its own". As such, it is a counter-productive force to the premise and value of these immortal words...."We Hold These Truths To Be Self-Evident".

More later.

Jan 26, 2009 10:26 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Mike,

You're my favorite e-photographer, everyday!

The prolbem is broker and banker are being used interchangeably in the press.

Bill

Jan 27, 2009 12:23 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Ron,

Thank you.

For anything to "be self evident" requires cognizant perception.

Truth is truth it's not the problem.

Unfortunately, cognizant perception maybe a dieing art.

Bill

Jan 27, 2009 12:51 AM
Ron Withers ----Retired Mortgage Professional
Kissimmee, FL

Bill,

You have made a very astute observation and stated a truth in that "For anything to "be self evident" requires cognizant perception."  I  am in total agreement. Perhaps I should have chosen my words more carefully or expanded on my thoughts as to not have created the wrong perception or interpetation of the subject matter. :) 

Jan 27, 2009 01:34 AM
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

Here, here! Bill, if you were to run for office I would spear-head your campaign! You are right on the money and I hope that our leaders think long and hard before they punish the wrong people and potentially harm the clients further. It seems that banks with money are bending politicians' ears and trying to push blame elsewhere.

Feb 05, 2009 05:01 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Thank you Libby,

The campaign starts March 1, it should be an interesting three years.

"It seems that banks with money are bending politicians' ears"poses an interesting question. Is it the money that defiles the politician or the politicians' willingness to sell their fidelty to the highest bidder that defiles those with money?

On second though I don't think I'll run at this time.

Bill

Feb 05, 2009 11:41 PM