Admin

History

By
Real Estate Agent with Keller Williams Realty

The events of this past week are complex and yet they are also simple.  New creative ways to make money were put into place by financial service companies after the government opened the door over a number of years with policies meant to do just what they did, increase wealth and investment.  The result was the perfect example of unintended consequences.  Those wanting to free up the financial markets partnered with others wanting to increase home ownership.  Many professionals involved in the real estate financing process gave loans to consumers they knew would have difficulty honoring.  If we are to be honest, many agents/brokers helped put consumers into homes knowing it was not the best decision for the buyer at that point.  Many consumers signed loan documents either without understanding or in denial about their ability to repay.  There are numerous culprits in this situation.  We must all examine our roles and take responsibility without simply blaming another sector in the results.  Our country has faced catastrophic events in the past; wars, assassinations, financial downfalls, etc. and we pulled out of it by uniting and working together, not by tearing each other apart.  There will be time to analyze and we should take that process seriously to avoid a recurrence, but the uniting part must not be put in jeopardy by the bleme-game.  An election year certainly does not help the prospect of this being a 'team effort' but history will judge our intestinal fortitude.  Let's join together to tackle the issues we face and do our own part to improve the process for generations to come.