The Housing Crisis

Mortgage and Lending with Essex Mortgage Company

We have really seen hard times in the business for the past several months. Some of it probably represents a good clean out of the garbage some people have been calling loans for a long time.

The reason there is a mortgage crisis can be attributed to some greed and the ignorance of quality. Now is the time to start making good deals. It is time to clean out the bad stuff and decline it and move on to what sells in the secondary market.

Those of us who are professionals in the housing industry must watch out for our clients and other consumers. We need to assure the whole country that we are not going to allow people to be taken advantage of in our business again.

Our self control and professionalism will prevail.  There are so many good borrowers who need our help. We need to put the borrower in the loan that will help them in the long run, and start building the industry back up again.

Comments (1)

Carole Cohen
Howard Hanna Cleveland City Office - Cleveland, OH
Realtor, ePRO

Hi Jerry, yes, looking out for our clients even more important than normal. I'm thinking some people just should not get a loan and then others need good loans! On my end (not loans!) I am trying to be as direct as possible about prices and condition so they can get the most value out of their homes (sellers) and I've even talked a few buyer prospects into waiting a year or so till they build up a nest egg. We have a lot of educating to do!

Jul 12, 2008 11:05 AM