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What is going on?!

By
Mortgage and Lending with www.JakePlanton.com 209327

I am very, VERY curious what everyone on Active Rain thinks of this financial market breakdown?  China just cut rates for the first time in 6 years, and people are saying that the Fed has to cut rates.  Think they will?!  I am updating my blog on my website all day long, and I would love to see what other people think of this.  Thanks!

Comments (7)

Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

More problems to come Jake.

Lehman going under & Merrill getting scooped up by BofA...should be an interesting day.

Sep 15, 2008 02:20 AM
Keith Goodman
Keith Goodman - Merced, CA

Just like I tell my people dont read the papers, dont watch the news, dont listen to the radio, just go to work. Thanks, Keith

Sep 15, 2008 02:36 AM
Tony Bolodar
NEXA Mortgage - Plano, TX
Residential Mortgage Loan Originator, #1320876

I don't know what to think of all of this. 

Do you remember the S&L crisis of the 80s and 90s?  I think this is a direct result of NOT finishing the job back then.  Senator Kennedy was then the chairman of the Senate Banking Committee and cut off funding to the FDIC to continue to close banks in trouble.  Most of those were in trouble due to lending practices.  Trouble is, no one changed the practices.  Today we are seeing the result of this.  The crooks got a little smarter and took it to another level. 

This time, I fear they are going to try to blame the Mortgage Broker for the problem.  This will hurt every one in the industry if they do.  For the Mortgage Broker can only sell the product that the lender gives them.  Blaming the MB would be like blaming the car salesman at the Dealership for the Pinto.

Sep 15, 2008 02:42 AM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru

Jake, it is simple. This has happened in the past and it will happen in the future until we wrap our arms around lending practices and all play by the same rules.

Sep 15, 2008 04:34 PM
Jen Bowman
Keller Williams on the Water - Holmes Beach, FL
Realtor - Anna Maria Island & Bradenton FL

Hi Jake, I think rates will come down. That was the last thing I read earlier today.

Sep 16, 2008 08:57 AM
Wendy Timmons
Move Home Realty - Temecula, CA
Temecula Realtor

They are going to come down.That is my vote.

Sep 16, 2008 09:05 AM