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Who's Responsible!

By Jason Romrell

Services for Real Estate Pros with Business Attorney and Success Advisor

April 26, 2007 07:37 AM

I'm going to summarize an interesting article. Regulators are to blame for the subprime mess.

Hmmm. I guess that's true. Regulators seemed relatively unconcerned about the wildfire spread of exotic loans from the last several years. Now that a price is being paid, people want to point fingers. So who really is responsible for this mess? Is it the regulators? Well, without lenders and brokers to regulate, they wouldn't have much to do. Does that mean the lenders, brokers, investors, etc. are the real culprits? Was high volume, high revenue the crack for subprime lenders that ultimately destroyed them?

What do you think? The article: http://www.reuters.com/article/ousiv/idUSN2648943420070426

Add your comments here, or view my blog at http://realestatefinancelaw.blogspot.com/ and let your voice be heard!

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David Petrovich

S.P.O.C.H. a 501c3 Charitable NP - Oakhurst, NJ

Do you have any articles or links to articles on Predatory Lending?

Apr 26, 2007 08:03 AM

Jason Romrell

Business Attorney and Success Advisor - Los Angeles, CA

There are serveral Predatory Lending resources available. Are you looking for Predatory Lending information in general, or recent news articles of such? The Center For Responsible Lending has some good consumer-oriented info (agree or not, it's always good to know both sides of the argument). ACRON also has some good info. http://www.responsiblelending.org/ and http://www.acorn.org/index.php?id=2680 (for news clips).

If you're looking for specifics, let me know and I'd be happy to assist. By the way, I looked at your company profile...interesting business. Must be hoppin' right now? :)

Apr 26, 2007 08:25 AM

Amen to that, Jacob. Interestingly, many of these Wall Street investors are still making handsome profits (but not with their subprime portfolios). I've heard some of the firms are asking for buy-backs from lenders/bankers. Maybe that's their safety net?

Apr 26, 2007 10:08 AM

"By the way, I looked at your company profile...interesting business. Must be hoppin' right now?"

I've been doing this for 20+ years... in good times as well as in bad. The proliferation of 'wannabe real estate speculators' who lie, cheat, and bend or break the rules in their quest has made these interesting times.

Thanks for the links. I'm familiar with both. They are for a legal writing research project.

Apr 26, 2007 10:29 AM

Who's Responsible!

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