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  • From: Lynn Wigglesworth <lynnw1366 AT hotmail.com>
  • To: <homestead AT lists.ibiblio.org>
  • Subject: Re: [Homestead] How Realtors Destroyed the Economy
  • Date: Sat, 18 Oct 2008 11:03:22 -0400


Bob; I agree. When we bought our farm, we already owned a house in the
city. We told the bank that the farm was a "vacation home". There's no
way we could afford two mortgages on my husband's income (I was home
with young children), but they let us do it. They let us get into
mortgage debt that it was clear my husband's income couldn't cover.

If we'd told them that as soon as we owned the farm, we planned to sell
the city home, my husband quit his job, and move to the farm with no
job, they never would have given us the money. As it was, it worked out
because we were sensible and paid down the mortgage on the farm with the
proceeds from the city house. We worked hard to pay down the mortgage
further so we didn't need an outside job (on a bitter note, that just
added to the equity in the farm that I had to pay my ex half of when we
divorced).

Lynn Wigglesworth
Tioga County, PA

bob ford wrote:
> That is a good video explanation of 'one' of the causes of the housing
> bubble. But the narrators conclusion that the realtors are the sole cause,
> and that the banking enterprises are blamesless ,is just plain wrong.
>
> he's right, the bankers didn't show the customer the house, they didn't
> sell the customer the house. But, the banks make the rules. If the
> realtor 'salesman', is aware that his customer can not qualify for a more
> costly house --that no banking institution will buy the paper-- then , then
> salesman is not going to waste his time showing that house; there would be
> no commission.
>
> I'm not that fond of realtors, as a group. Thought I have met and done
> business with some fine individual realtors. The fact remains, the person
> (the bank) who 'buys the paper', does set the rules. And, the derivative
> bomb, was just a d*mn scheme, for hedge funds and investment banks to
> multiply profits off each (including the badly papered) sale.
>
> When I bought my house, my realtor was a true professional. I qualified to
> buy a much more expensive house than the one I bought. But, my wife had
> found the house we liked , in the right neighborhood; at a price I told her
> I was willing to spend. There were things other than paying for a house,
> for which I wanted to allocate funds.
>
> The realtor didn't try to push a more expensive house on us even though the
> banks would have bought more paper. And, when I bought this house , banks
> were much more careful with lending practices. During this bubble, banks
> let realtors know they would buy almost anything.
>
> Realtors are professional salesmen, not professional baby-sitters. They
> sold as much as they could to make the biggest possible commissions; but
> only because the banks let it be known that they were buying all
> paper.....bobford
>
>
>
>
> --- On Sat, 10/18/08, Clansgian AT wmconnect.com wrote:
>
>> From: Clansgian AT wmconnect.com
>> Subject: [Homestead] How Realtors Destroyed the Economy
>> To: homestead AT lists.ibiblio.org
>> Date: Saturday, October 18, 2008, 7:08 AM
>> It was just a matter of time until someone said it:
>>
>> http://uk.youtube.com/watch?v=Hv9hSLtEwOM
>>
>> (It's a YouTube video, so 'caveat miror' for
>> dial-ups)
>>
>>
>> James
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