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  • From: "Lisa K.V. Perry" <lisakvperry AT gmail.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] How Realtors Destroyed the Economy
  • Date: Mon, 20 Oct 2008 11:10:58 -0400

On Mon, Oct 20, 2008 at 1:02 AM, Gene GeRue <genegerue AT ruralize.com> wrote:

> I and my former fellow Realtors have destroyed the world economy.
>

I'm right there with you, because it's no secret that I was a mortgage
broker.


> I strive to be fair. If I have overlooked anyone, just let me know
> your present or previous occupation and I will tell you what you and
> your co-criminals have destroyed.


In my book, you overlooked The People. It was, after all, tens of thousands
of people who bought second homes, vacation homes, condos, or the
mover-upper brand home with granite counters knowing full well they really
couldn't afford it then or counted on a future raise to afford next year's
payment.

Just because they qualified didn't mean they had to take the loan. People
were buying a very bloated American dream.

I pre-qualified people all the time who chose to buy less than what they
qualified for. I recommended to some people that they scale back if I
thought they were stretching it thin. I helped some to draw up a realistic
budget. These were people I was going to bump into in the Post Office or
elsewhere in town, I didn't want them glaring at me or hard feelings. I live
here, too.

Everyone, or darn near everyone, is to blame for this current problem. We
know this. Realtors, mortgage brokers, lenders, investment bankers, F&F, I'm
sure I've left a category or two out, and yes, even the American public. For
some reason, they are usually left off the hook. It couldn't be their fault.

I'm pretty sure Gene was/is an ethical Realtor and I make a point of saying
that I was an ethical mortgage broker. There were others who clearly were
not.

Though some people got taken for a ride, many others knew better but just
wanted to own the big fancy home. Now. People ignored or didn't to read the
Good Faith agreement (costs of getting the loan) or ask questions. Many
didn't understand what an ARM was or when it would adjust or by how much. It
should have been better explained so that the customer understood, and if it
wasn't in the first place, or they didn't understand, the customer should
have spoken up.

Many people were greedy and bought more than they logically knew they could
afford, but the American mentality is why wait? Why save for a larger down
payment (or one at all)? I want what my neighbor or brother has and I want
it now.

Pointing fingers is more us v. them when it seems to me that the citizens of
our country find ourselves together in the same dang messed up financial
pot.

If we have to point fingers, than let's please include the thousands of
people who signed the mortgage loans so they could get the house.

We are all responsible and it's going to take all of us to get out of this
mess. Even those of us on this list who were most likely not involved in the
problem.

Lisa
sw VA




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