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.
Probably. Oh well, maybe Jimma Carta will show up with hammer, nails and wood and build them a free one.
Ping for later reading.
I would hope that people would enter an industry “for the money”. That’s kind of the whole point of capitalism, go where you can make the best uses of your advantages in the capitalist economy.
Minority families? In California, caucasians are the minority.
Maybe they should institute something akin to an attorney's Bar exam and strict licencing procedures. We all know how further education, government testing and strict licensure rules have produced so many honest lawyers.
>It’s not a secret. They’re in it for the money too!. It’s unfortunage that the low standards and easy entry to be a real estate agent do taint the industry in a negative way. There are far more shysters in the real estate industry because of that fact.<
If you’ve had no personal experience, then upon what do you base your opinion? Where do you come up with your “facts”?
If an agent doesn’t operate in an ethical way, he doesn’t last long. A successful agent builds his/her reputation on high ethics resulting in referrals and repeat business. You can’t do that by being a “shyster”, besides the industry pretty much polices itself, so “shysters” would be weeded out pretty quickly.
” What do they want Welfare Mortgages, minorities pay a third and taxpayers pick up the rest?’
Dial up the HUD website and peruse the conditions for renter and owner relief programs. You’ll see they do exactly what you suggest.
We’re doubly glad we didn’t buy then. Who wants an INFLATED mortgage to pay off? Inflated new house assessment? We didn’t - not in New Jersey ... tax heaven. We’ll bid our time till things level off.
“I would hope that people would enter an industry “for the money”. That’s kind of the whole point of capitalism, go where you can make the best uses of your advantages in the capitalist economy.”
I don’t object to capitalism.
Buyer Beware too!
....and do they use black helicopters to carry their coded messages around? Tell me about this ‘code.’
Well you know how it is, liberals want to get into your wallet and the race card is the easiest way to go. Facts and reality don’t matter to liberals. Liberals are irrational liars that refuse to be responsible.
What brought that on?
Realators like lawyers are very often paid liars.
Realtors like lawyers are very often paid liars.
Correct again. I just get frustrated because the people who end up paying for all of this garbage is the rest of us who do use our heads and play by the rules, etc. I have known folks who have walked away from mortgages because they couldn’t sell the house and didn’t want to keep making payments, and they STILL were able to qualify for home loans down the road (and not far down the road at that).
susie
Experience of others and those in the business that couldn’t stomach the lying needed to be “successful”.
“If an agent doesn’t operate in an ethical way, he doesn’t last long. A successful agent builds his/her reputation on high ethics resulting in referrals and repeat business. You can’t do that by being a “shyster”, besides the industry pretty much polices itself, so “shysters” would be weeded out pretty quickly.”
LOL!
Since when does one advertise stupidity? People don’t. They’re embarrassed. There’s ALWAYS someone out there to exploit - ALWAYS! Shysters THRIVE in real estate.
Dream on if you see it differently.
In order to operate as a real estate agent, one must be well schooled, then first pass a rigid test by the State in which he/she lives. A license is issued upon passing, and must be placed under a real estate Broker, who pays large sums for malpractice insurance. Rest assured, no Broker will keep a license which will bring a lawsuit on his walls. Licenses for both agent and Broker are renewed and paid for every 1-2 years.
Most states require constant reeducation programs for license renewals, for laws change or new laws are instituted and must be followed.
Three years ago, after a big move when I made a killing on my previous tiny old house, I convinced myself that I "deserved" a large home on an acre of land. I easily qualified for the loan, a 5-year ARM at 4.25%. The montly payments even at that rate were $1000 more than my previous mortgage, but I figured my spouse would be working soon and we could cover it easily. Three years later, my spouse has just started working at a very low salary, our property taxes have gone up twice, and we are spending a fortune on utility bills and lawn care for this huge property. I'm not facing foreclosure, but I can sure see how easy it is for people to get in over their heads, especially in a boom time when it seems everyone is buying bigger and nicer homes and money seems so cheap.
One result of this problem is a push for government to step in and prescribe tighter underwriting standards so that people can't ever qualify for a loan that is more than they can realistically repay. There will certainly not be a bailout of lenders.
I notice you have no documentation for your bigoted lie.
So far you have shown only your own stupidity as any proof of your wild statements about the real estate industry. Education, as I have attempted to provide you, seems to have had no effect, so I must assume that you are a hard headed, self righteous and unreasonable person, and thus I leave you to your own devices. :)
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