How many of you have noticed the trustee sales lists in the back of the paper? If you really pay attention you will start to notice that 90% if the trustee sales are from Hispanic homeowners.
This is a shame that this ethnic group was targeted by the lending institution. They were not informed properly. They were not given the whole picture. They were promised a dream and then it was taken away. Home ownership is a dream to many thought to be totally out of reach.
Then our lenders came up with this adjustable rate system to give everyone a home even though they really could not afford it and targeted first time home buyers and Hispanics. Amazing! Now look at the mess we are in . This just didn't hurt the local people, this effected the whole world. Who would have thought that Iceland, the whole country, would go under because of our what our lenders did. They just didn't effect the United States, they effected every country in the world.
How could it get this bad? Who would have thought that a home loan could bring down the entire world economic system. Did the lenders have any idea this was going to happen? Did they think this through at all? I don't think they even knew how bad it was going to get.
As a Realtor, I explained to my clients what will happen down the road and do you know that your payment is going to go up at a certain date. They all said, if I can just get my own home, then I will save and make sure that I can refinance before that happens. Wrong! Everything crashed before that could happen. Everything in their world came down around them. They couldn't save a penny, they couldn't set aside an extra dollar.
In my opinion I don't think we should bail out anyone that was responsible for the state we are in. I don't think they deserve a dime of our money. Let them go under and find another way to save the mess they made of our system. Why should we have to bail them out for the mistakes they made? We shouldn't.
Our new President has so much work to do in a short amount of time. We have to figure out how, we as the people, can roll up our sleeves and help him out. What can we do to make it right. Its too late for all the homeowners that have lost their homes to foreclosure. How can we make it right.
I think the lenders should have been made to leave the interest rates as they were given to the homeowners when they bought their homes as a lesson the the lending industry that this was not right. You made a deal that you knew could not be meant. Did they have any idea that their little deal was not going to make it?
Realtors are losing money. I haven't sold hardly any homes this last year. Do I have to lose my home because I can't pay my bills because the lenders are NOW deciding to be too picky lending their money. Where was the scrutiny when all this started? I need to sell a home to make a living, that is my job and because of the new lenders policies, people are not qualifying for a loan. The lenders are marking every 'T' and crossing every "I". Why didn't they do that 4 years ago and save us from this world wide crisis? Why didn't they care because they knew this was going to be the outcome before they wrote the loan.
I'm a Realtor that needs to work. I take care of myself but right now I can't even do that.
Do you know that some lenders won't even take a cash offer on a new home project because they want the loan on the project. I had a full cash buyer that they would not sell her a home because she didn't want a loan! How ridiculous is that? CASH!!! What the heck are they thinking? They are sitting there with open inventory and I had buyers with cash to buy their inventory and they wouldn't consider my offers of price in full. Are the lenders getting more stupid?
Short sales! What a waste of time. What gives a homeowner the right to offer their home for sale for less then they owe? What gives the realtor the right to list that home for less then the lenders want? I do not understand the logic. The homeowner is not able to make your grossly over rated new adjusted mortgage payments. Why are you not working with them and helping them with a lower rate they could handle instead of letting a home sit there during the short sale process, with NO money coming in? How dumb can you get. The homeowner wants to keep his home, they are trying to make it work, but it just won't happen at the new adjusted rate. Why not help out these people? You will still receive a monthly payment. Make it a 40 year term instead of a 30. How easy is that?
People are desperate. The housing industry is crushed. Why do so many people ask me what I think will happen in the market? How should I know! If I had any idea this whole mess was going to happen in the first place do you think I would had advised my client to take the lenders loan? Besides the fact that no one was listening to us. They all saw their dream within reach. Home ownership!
This lender mess just didn't effect the Realtors. It effected the inspectors, termite companies, title and escrow companies, anyone that is involved in the closing of that sale are all effected. Gone out of business or combined their companies to save themselves. Who would have thought that Home Depot would close some of their stores? Builders, vendors, everyone is going under. All goes down the line. No one has any money to buy anything. Why, because the lenders made a bad decision and a bad loan deal.
Everyone is thinking President Obama is going to save the day. Ha! He won't be able to save the day unless we as Americas put our foot down on government spending and help him out. We need to find a way to help President Obama and his team pull America out of the mess we are in. We need to find a way that will help instead of sitting around whining about it. Lets roll up our sleeves and figure this mess out!
The government bails out a financial institute and they in turn go on vacation. They remodel their office, buy that jet they always wanted. They take our money and abuse it again. Whats our say in this? When do we get to say how our tax paying money is spend. How do we find a solution? How do we fix the unthinkable. We become a team with our government and try to put together a task force to find the way to fix this mess. Maybe Im not as smart as a politician but I know fraud when I see it. I know when a fiduciary duty is not being meant. I know out and out stealing when I see it and I know a lie when I see it.
Do you have any idea how many silly government grants are available? Maybe we need to stop the grant program for awhile and turn the money back into the banks to get us out of debt. Maybe we can't loan another country money until we can fix ourselves first. Maybe we need to look more indepth into the system itself and see where the waste is going. We need jobs to make more jobs.
Whats the solution? What can we do to save ourselves. I don't want to lose my home. I love selling real estate. I love my job! How can we save ourselves? Im ready to jump in with both feet to make sure this doesn't happen again. Tell me what to do. Tell me where to look. Anything to save America from this disaster, I will roll up my sleeves and join in the fight.
I ask our President, Mr. Obama, to tell me where he needs me and I will be there in a heart beat.
What about YOU!
Comments(1)