Rob Blake wrote asked …
are Mortgage Brokers are an endangered species?
He pointed out that If you listen to Mortgage (broker) Industry insiders you will hear whispers that the ‘all-powerful’ “banking lobby will finally get the Government to legislate mortgage brokers out of existence.mortgage brokers becoming endangered species”
In his very well written article, he outlines the history of the banking industry’s “pursuit of the killing off their competition, many believe the banks decided upon a “scorched earth” plan to rid themselves of retail mortgage competition once and for all. The Plan was one they pulled from the S&L play book a decade earlier”.
Blake argues that if the Banks “Give the mortgage brokers just enough rope to hang themselves just like the Savings and Loans did!”
Before, you write this banter off as conspiracy theory hogwash, listen to what has happened and the now dreaded word of the year for 2007. 'Sub-Prime'
The blame is resting (for the most part) on the mortgage broker.
Currently, their is a vast inspection and audit of the entire industry. Primary focus are new and strict lending guidelines and practices aimed primarily at the mortgage broker.
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