Subject: Re: [Homestead] How Realtors Destroyed the Economy
Date: Sat, 18 Oct 2008 10:03:31 -0800
Well, we have personal experience with that. When we sold our house in
Eureka, after the first couple of showings, I refused to have a lock thingy
and told the realtors I would have to be there for any showing. They
literally brought folks that looked like they'd scraped them off the street.
I got home during the second showing and saw the guy and his "wife" leave.
I asked the realtor why the heck she brought those people out and she said
"Oh, not to worry, I pre-qualified them for a loan before I brought them."
My jaw about hit the ground!
And, let me tell you, I was flat amazed when we sold our house! The person
who bought it was from Georgia. They had a BIG house out there, wife didn't
work. The guy worked for a government agency and I know what he was making.
We didn't sell the house for chump change and yet they got a loan. They
were going to use it as a rental for 5 years (until their son graduated from
high school). The loan they got had payments on it for $1,000 more than
they could realistically rent it for in that community! And that's not
counting taxes and insurance. They kept it a year and it was back on the
market! They were lucky, they sold before the bubble totally burst. They
had to sell for the mortage. They lost their down.
Lynda
----- Original Message -----
From: <Clansgian AT wmconnect.com>
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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