Fingers Point as the Sky is Falling

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Services for Real Estate Pros with none

Fingers Point as the Sky is Falling

Reading many of my favorite mortgage blogs lately it seems everyone is pointing fingers regarding the "sky is falling" attitude of many mortgage industry participants and pundits. National news media and the channels like CNBC mention the subprime mortgage crisis every 15 minutes....

perhaps this could be a new drinking game - chug a beer everytime the phrase subprime meltdown is said on CNBC.....

Anyway like anything else the journalism majors don't understand global capital markets and the headline news writers sell mass hysteria - don't you have the bird flu yet?

What is amusing to me is that appraisers are blaming the mortgage brokers, the brokers blame the realtors and the realtors blame the home buyers for being dumb enough to accept the deal with the devil financing offered by the mortgage brokers who blame the realtors for showing people homes that couldn't really afford propped up by bogus appraisals that created negative equity in the home ..... you see how this circle of blame is working....

Regardless this will create a huge opportunity and create a new garden of capital ... more on that tomorrow...

Comments (2)

Stefan Scholl
Buyer's Broker of Northern Michigan, LLC - Petoskey, MI
Northern Michigan Real Estate
I just recently read an article regarding homebuilder confidence being down.  The culprit?  Subprime meltdown and tighter credit policies.
Mar 20, 2007 02:42 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
AJ, blame seems to be a popular thing to do, in stead of pointing fingers people need to move on and look for  answers.
Mar 20, 2007 03:12 PM