My thoughts.........
Well we all know where the economy is right now, or if you don't watch the news! As of right now we are looking at a sagging economy and we are all crossing our fingers that we will get a boost somewhere. Unfortunately all signs are pointing to the upcoming election and who will be elected before we get any kind of relief here. I wish we could say that life could be as easy as it was a few years back but with tightening credit standards and increasing layoffs this downturn might continue for longer than we originally anticipated.
I say look at the previous economic issues of the S & L's and what we did with the RTC (Resolution Trust Corp.), do we want that to happen again? Do we want to deal with the government putting their hands in our world? My answer is NO, more issues happen when the government gets TOO involved but they do need to have a hand on what can and cannot be done. I think the whole "bail out" is not fair to the American people, it will cost an estimated $10,000 per household to bail these companies out. I know people want to place blame on us as brokers but ask yourself two questions and that will take care of fault.....
- Did you ever give a loan to someone you knew could not afford it?
- Did you ever do a deal that was not available?
If you answered NO to both questions then you are not at fault. You would be at fault if you did one of the following however......
- You commited fraud on a loan application.
- You knowingly helped a client get a loan when you knew they would default in a short period of time.
- You only closed loans with the thought of making money rather than getting someone into a home, you have to think of your client as a person not a money maker. Money clouds judgment, something that is not a good thing as greed plays a role in our downturn today.
Next time you have a deal to close think about overall impact, something we all should do in order to get us back on track.
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