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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] How Realtors Destroyed the Economy
  • Date: Sat, 18 Oct 2008 12:10:22 EDT

Bob:
> > But the narrators conclusion that the realtors are the sole cause, and
> that the banking enterprises are blamesless ,is just plain wrong.
>

Lynn:
>Bob; I agree.


Here's where the two of you would be mistaken: Bankers do NOT make the
rules. Bank policies are set by federal agencies, at the time this was going
on it
would be the rules governing Freddie and Fannie via the Federal Reserve and
the Treasury.

Through the influence of Obama and his cohorts ACORN lobbied successfully to
change the criteria for loans so that every indigent in the ghetto would
qualify for a mortgage loan. The banks cannot discriminate. If you show up
for a
loan, they have to offer you the same loan that they were obliged to offer
the
wino that some Realtor® dragged to the bank to get a loan so they could get
thier 6% no matter how the transaction later turned out.

The banks had little choice in the matter.

However the Realtors® are supposed to be operating under some code of ethics
or the other. Yet during this time the NAR was the single lagest contibutor
to
the senators and congressmen on committees setting banking policy. Thousands
of Realtors® pocketed the 6% knowing full well the person could not afford
the house... knowing full well or else being too dumb to know otherwise and
small odds.




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