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Are banks to blame for the foreclosure crisis? We are ALL to blame !

By Ann Cordes

Real Estate Agent with Century 21 Randall Morris and Associates, Waco

February 13, 2009 03:07 AM

I spotted a story about the mortgage crisis this morning that I think just about everyone will find interesting. Read "How Banks are worsening the foreclosure crisis: http://news.yahoo.com/s/bw/20090213/bs_bw/0908b4120034085635

This news story tries to place the blame on mortgage companies. But the truth is everyone is to blame. Homeowners who bought properties they knew they couldn't afford thinking they could refinance in a year or two. Realtors and mortgage companies who talked homeowners in to these mortgages, Washington lawmakers and lobbyists who either didn't have enough cloute or interest to head of the problem two or three years ago, and banks and investors who denied the problem until it was too late.

And since we all got ourselves into this mess together, in the great American tradition we will get ourselves out together. Hey, I'm feeling optomistic today! But it will take a couple of years. Read the story and tell me what you think.

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Angelia Garcia

Pure Realtors - Dallas, TX

I can't be linked to this fiasco. I educated my buyers. If it wasn't the time to buy then it just wasn't. I never pressure anyone into buying. I even watched over the shoulder of the loan officer. I made sure they were not being charged outrages fees.

Feb 13, 2009 05:16 AM

Leslie Prest

Prest Realty - Payson, AZ

With all due respect, I AM NOT responsible for this mess. I have been in RE for 19 years, and I never talked anybody into buying anything. In fact, I urge buyers to wait if they aren't sure. I DON'T show people more than they can afford. I started telling people the down turn was coming as soon as I saw it. I am in NO WAY responsible. Speak for yourself, not for all of us.

Feb 13, 2009 08:19 AM

Ann Cordes

Century 21 Randall Morris and Associates, Waco - Waco, TX

Home Ownership is Not a Distant Dream

Leslie, I am very sorry if you felt insulted ot disparaged! I know that 99.9 % of the people in the professions mentioned are honest, hardworking, and ethical. They do the right thing and look out for their client's best interest. I'm glad you are one of them.

Feb 13, 2009 11:34 AM

Vanessa V. Simmons

Real Living HER - Columbus, OH

Realtor

I do believe that we all have some responsibility here to some degree although I have only been in the business for 4 years and really did not participate directly in working with clients. I feel that our culture created an environment that allowed this to happen and we celebrated the people who benefited from the boom. No offense to anyone just my thoughts..

Feb 14, 2009 12:38 AM

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Ann Cordes

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