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The Metrics of a Market Correction
The housing crises, as many of you know, has been the topic of recent interest on Active Rain.  I've weighed in with a couple of posts knowing full well that my opinions are far different than most who gravitate to this site.  My perspective is unpopular here.  Still, 2007 was a year of extensive travel that put me face to face with title agents and underwriter executives from many different states.  In one prolific instance, my meeting was with elected officials from across the land.  Unquestionably, the dubious creed of personal responsibility among borrowers is part of the problem.  But, let's not forget the professional responsibility of real estate professionals!A comment made yesterday by a consumer is emblematic, in my estimation, of the situation nationally.  She works as a paralegal, her husband as an electrician.  I'll speculate that this couple is representative of the demographic that most of you serve.Gilda wrote:"My husband and I were victimized by our mortgage broker, appraiser and lender.  Our Good Faith Estimate showed a fixed rate loan; when we got to closing on a Friday at 4 p.m., we received an adjustable rate, interest only mortgage and a second mortgage/equity line of credit!  We were past ... more

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