Homestead mailing list

[bob ford <bobford79 AT yahoo.com>]

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,
> Realtor  
> whatever....dumb.
> 
> 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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> >
> >
> 
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