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Haven't We Been Here Before?

By Bob Miller

Real Estate Sales Representative with Keller Williams Cornerstone Realty

October 16, 2012 09:35 PM

Haven't We Been Here Before?

A recent Wall Street Journal Article reports another attempt by the Federal Government to meddle in the mortage markets.

"WASHINGTON—Federal regulators are considering giving mortgage lenders protection from certain lawsuits, according to people familiar with the matter, a move designed to encourage lending to well-qualified borrowers."

Home Loans May Get Shield

Ironically it is supposed to be because banks are unwilling to lend to "well-qualified borrowers". What well-qualified buyers are not getting mortages?

We just posted this: Banks Not Lending? Houses Sell Every Day!

Houses are sellings!

So who are these "well-qualified borrowers"? We have not seen one single buyer get refused unless they had bad credit, no down payment, high debt to income ratios or all of the above!

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Russell Lewis

Realty Austin, Austin Texas Real Estate - Austin, TX

Broker,CLHMS,GRI

I completely agree with Lenn's comment above but just want to add that Wall street in fact gave proven tim and agin that if not regulated...will keep acting like the theives they really are.It amazes me that the mindset is Govt,]. is always bad...really?

Oct 16, 2012 10:40 PM

Bob Miller

Keller Williams Cornerstone Realty - Ocala, FL

The Ocala Dream Team

Thank you everyone. Yes lobbists, repeating history, more regulation. In the meantime the media is focused on negative news, the campaign and "banks not lending". lol

Oct 16, 2012 10:45 PM

Fernando Herboso - Associate Broker MD, & VA

Maxus Realty Group of Samson Properties - Clarksburg, MD

301-246-0001 Serving Maryland, DC and Northern VA

That is not a bad idea if you are lender. .make more money and reduce their risk. . from a business stand point. .hiring lobbyists was a brilliant idea !

Oct 16, 2012 10:56 PM

Sara Homan

Coldwell Banker Ellison Realty 352-209-4044 - Ocala, FL

Realtor, Homes, Farms & 55+

Congratulations on the featured post Bob! Mortgages are certainly a hot topic.

Oct 16, 2012 10:59 PM

Brad Andersohn

Retired Executive Director of Education at eXp - Boulder Creek, CA

ActiveBrad - 707.646.1876

What is well qualified? lol~ I feel qualified for many things including some mortgages, I can't seem to find that "prick your finger" loan amymore?

Oct 16, 2012 11:20 PM

Brenda Mullen

RE/MAX Associates - San Antonio, TX

Your San Antonio TX Real Estate Agent!!

Hmmm, more protection for some lenders so that they have more reason to drop the ball...WTH? Sigh...

Oct 16, 2012 11:21 PM

Frank Laisch

Orlando, FL

"The Insurance Guy"

Maybe the media wants to go back to the "mirror test" for mortgages, so anyone breathing can get one. isn't that how this mess started?

Oct 16, 2012 11:34 PM

Thanks Sara! We got Susie in our sights! lol

Oct 16, 2012 11:46 PM

Thanks everyone. Prick your finger, breathe on the mirror - how about stated income?

Oct 16, 2012 11:47 PM

Shane Barker

Amerifirst Financial, INC. - Salt Lake City, UT

Incredible, things are a little backward right now.

Oct 17, 2012 02:12 AM

Les & Sarah Oswald

Realty One Group - Eastvale, CA

Broker, Realtor and Investor

Why are we giving the banks more protection? Didn't the government already bail them out...I thought they are the ones who broke the law. What protection has the middle class homeowners who are underwater received from the government?

Oct 17, 2012 02:34 AM

Thanks everyone. It is amazing how transperant it is to everyone of us, but not the consuimer.

Oct 17, 2012 02:38 AM

John Juarez

The Medford Real Estate Team - Fremont, CA

ePRO, SRES, GRI, PMN

Quoting President Ronald Reagan: "The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.’"

Seems to apply in this instance...

Oct 17, 2012 02:40 AM

Thanks John.

Oct 17, 2012 02:48 AM

Kevin Mackessy

Blue Olive Properties, LLC - Highlands Ranch, CO

Dedicated. Qualified. Local.

Not quite so sure lenders deserve more protection...

Oct 17, 2012 03:32 AM

Thanks Kevin, that's what we are thinking.

Oct 17, 2012 06:04 AM

Florida Tolbert Team Keller Williams Advantage

Keller Williams Advantage III Realty in Lake Nona - Orlando, FL

Keller Williams Land Luxury Division Specialist

We haven't seen that too badly here in Florida. If they are qualified, they get mortgages.

Oct 17, 2012 11:55 AM

Evelyn Kennedy

Alain Pinel Realtors - Alameda, CA

Alameda, Real Estate, Alameda, CA

Bob:

The same is true here in Northern California. People who are qualified are able to get a loan to purchase a property. Thank heaven.

Oct 17, 2012 12:54 PM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Bob - The goverment decided to meddle again? Who knew they would do something again?

Oct 17, 2012 03:54 PM

Thanks Kevin and Evelyn, our point exactly. The only people saying banks aren't lending is the media. And now the governement.

You are right Christine

Oct 17, 2012 07:18 PM

Haven't We Been Here Before?

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