Posted on 07/09/2007 8:28:47 AM PDT by BenLurkin
Edited on 07/09/2007 8:30:20 AM PDT by Admin Moderator. [history]
More than a quarter million black and Hispanic families are expected to lose their homes in the next few years due to foreclosure. For many, the financial trouble will be traceable to a mortgage they should never have been given.
“For many, the financial trouble will be traceable to a mortgage they should never have been given.”
...opening themselves up [loan companies], of course, to charges of racial discrimination if they had disapproved the loan applications.
Race has nothing to do with this. It’s all about personal responsibility. Don’t bite off more than you can chew.
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“... when government lowers interest rates ... real estate brokers take advantage by increasing the cost of the home.”
If this is your level of understanding of housing markets, I’m glad you never tried to put your RE license to practice.
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I was always told that the market is very complex, but I was able to make a little chart that predicted the price increase of a house based only on the change in available interest rate. The agent said it was not that simple.
Then again the used car salesmen also alluded to some myterious clockwork as well.....
You need to go back and read my posts. I actually lumped them together with LAWYERS, because there are inherent corrupt practices in both professions. I am referring to corruption that is, unfortunately, accepted by society and practically never prosecuted as a crime, though it is a crime. I am talking about how attornies assemble their fees according to 'logged time'. It is so easy to increase the actual time on these logs that its nauseating. A two minute phone call is, to them, a fifteen minute phone call. And a fifteen minute phone call to many of them becomes a half hour call, due to their 'minimum' phone time charges. Thus, they can recieve several calls in a one hour time period, totalling only 20 minutes, or less, of their time, and then recieve from these clients a full one hour sum because of their 'minimum' charges. They will often take these calls while speaking to another client in their office, and they will charge the client in their office for the time they spend on the phone with other clients, and they will charge the client on the phone as well. This means, of course, that they were working for several clients AT THE SAME TIME, which is quite impossible in reality. This is but one example of inherent corruption by lawyers.
The inherent corruption by RE sales people is one of non-disclosure. Agents are required by law to disclose only certain things that would be discouraging to a buyer, but they will almost always omit from their sales pitch other important factors that would otherwise discourage the buyer. Yes, it is caveat emptor, which is just real estate lingo for "sorry sucker, you should have found this out for yourself".
In Texas, RE Brokers/Agents must disclose what they know....failure to do so means fines up to and including loss of license.
Many problems arise when a BUYER or a SELLER will NOT listen to or recognize good advice.
Sadly, many believe the "big lie" before the truth due to their own greed. They become their own worst enemy and they seek to blame the entire industry.....
I believe I stated that pretty clearly in my post. But it does mean that I studied real estate, both in accordance with state licensing law and in the context of RE Law in two different colleges. I don't know what your criteria is for the average American to gain an understanding of how real estate agents work, but I believe that after buying and selling your own home, and after knowing dozens of friends, relatives and acquaintences who have bought and sold homes, that is enough to inform one of how the process works, and how the sales people perform their duties.
We can also gain an understanding of real estate sales practices from reading local and national news, and even from personally knowing some RE brokers, which I do know several. If a person is working in RE sales themselves, that only makes that person more likely to defend any corruption in his/her profession, imo.
"A soldier that has never fired his weapon....."
If this were meant as a slam because I mentioned I was in the military, I fired my weapon in the military. I spent twelve months in Vietnam with the 1st Air Cavalry Division, (aka '1st Cavarly Division, Airmobile'), in I Corp and III Corps, from 1968-1969.
My last reading said that 13% of the subprime (lowest credit scores) are being foreclosed. Now that also means 87% are still doing okay or are up-to-date anyway. Projections are that more will foreclose as adjusted loans have to be recast.
Subprime loans was a method to get more folks into home purchases. Worst combination was the subprime and 100% loan.
The 100% loan did not entirely disappear if you were over 720 and could go full doc. Now it's back down to 700. We'll see where this goes.
It's likely that way in every state by now. The problem is, how do you prove what RE agent claims they didn't know? It's very difficult, so it's usually dismissed unless it's something really obvious. I know that the bottom line is 'caveat emptor', (let the buyer beware), but there is probably no other line of business on earth that actually incorporates this warning right into its own business practices. Well, maybe the the cigarette industry does, but that's about it.
Our company has its motto on the card "Service and Ethics Above Commission." Recently another realtor commented, oh!, that's interesting, I've never seen that before. I thought: I bet you haven't.
And don't get me started on loan officers.
It's a land mine for consumers. We hope to continue to build word of mouth.
In Cal anyone who is practicing the stuff you mentioned needs to have their head examined. I have never seen a more litigous field.
They aren’t losing their homes because they are black or hispanic, they are losing their homes because they borrowed more than they could repay.
Anybody remember Janet Reno's (Hillary Clintoon's) houseboy in the Justice Department? I recall Deval Patrick and the US Attorneys going after Washington, DC area banks for not opening an acceptable number of branches or making enough mortgage loans in the inner city. Now we get to eat the crop planted by Hillary, Reno, and company. You can bet that the next Clintoon Admin. will force lenders to forgive minorities' loan defaults and surrender deeds to the deadbeats.
I don’t need to match credentials with you, you pompous nimrod. Your posts illustrate your ignorance, and the real estate professionals following this thread see you for what you are.
In my opinion subprimes was a method of getting people into homes that had no business trying to buy said homes.
And I notice (in a friendly fashion) that your sarcasm detector is low on oil or other vital fluids.
I don’t know what state you live in, but it couldn’t be more left wing that the state of Oregon. I got my r.e. license 40 years ago this month, and my Broker’s 38 years ago, and kept it current until just a few years ago.
I made a very good living in the field. My experience was definitely a very far cry from how you describe the field in your area. I worked in higher priced homes, but not exclusively, and before long I was doing all repeat and referral work, finding and selling people’s first, second and even third homes for them.
If anyone was dishonest everyone knew about it right away, and that person was not hired by a reputable Broker. We held to very high standards. So, I guess no matter what field you are in, it all boils down to the company you keep.
Sir...YOU are the one doing the slamming....and BTW I respect your service to our country. Note that I did not lump you with those that went AWOL during the Vietnam period.
Well, so far you’re 13% right.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
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