[Homestead] How Realtors Destroyed the Economy
bobford79 at yahoo.com
Sun Oct 19 21:59:25 EDT 2008
Even if you placed all of the blame for the purchases that were financed with subprime loans on the buyers (I don't).
It was still the bankers, having bought the paper, who slliced and diced them into derivatives,, bundled the mortgages and then securutized them, and sold them for crazy money. In the sense, the investment bankers were simply low brow salesman, just as you described realtors
The mortage debacle, brought on primarily by imposed quota in loans in certain area was just a single (but large) facet of the mess. The gigantic debts were brought about by the "presumed to be the best and the brightest" who played interlapping games of chance on the newly securitized mortgage instruments.
Fools, pretending to be smart, were allowed to destroy our economy. If the democrats lose the majority after two years, you might just see, conservative republicans holdin hearing to try to put some of those flying monkeys in prison ...bobford
--- On Sun, 10/19/08, paxamicus at earthlink.net <paxamicus at earthlink.net> wrote:
> From: paxamicus at earthlink.net <paxamicus at earthlink.net>
> Subject: Re: [Homestead] How Realtors Destroyed the Economy
> To: homestead at lists.ibiblio.org
> Date: Sunday, October 19, 2008, 7:46 PM
> So I say again...taking financial advice from a realtor,
> You can't single out realtors, Realtors, bankers, or
> private mortgage
> companies. In the end, it is the borrowers.
> On Oct 19, 2008, at 9:38 PM, Clansgian at wmconnect.com wrote:
> >>> No. Being a member of the NAR requires you pay
> the fee to join and
> >>> be
> >> licensed in your own state. There is no further
> education or ethics
> >> required than that.
> > Of course that is the way it works in reality. But my
> point was
> > this, the
> > word 'Realtor' was fabricated by in 1913 by
> the foudners of the
> > NAR. It is a
> > trademark. You cannot call yourself a Realtor(R)
> unless you are a
> > member of the
> > NAR.
> > People use the word Realtor to mean any real estate
> agent just as
> > they call
> > an tissue a Klennex or any refrigerator a Firgidaire
> or any copy
> > machine a
> > Xerox.
> > By signing onto the the NAR you are *supposed* to be
> signing onto a
> > code of
> > ethics. I agree that it is largely non-existent.
> Mainly the NAR has
> > functioned to funnel money to legislators to set
> lending standards
> > low enough for
> > anyone who breathes to qualify for mortgage in order
> to inflate home
> > prices and
> > swell its ranks.
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