Comments on: I'm back in pukesville, man. http://lenderama.com/2008/03/26/im-back-in-pukesville-man/ The Original Mortgage Blog. Providing the Mortgage Industry with News and Information Since 2005. Wed, 10 Mar 2010 20:33:02 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Miranda http://lenderama.com/2008/03/26/im-back-in-pukesville-man/comment-page-1/#comment-2027 Miranda Thu, 27 Mar 2008 02:44:04 +0000 http://blog.mariah.com/2008/03/im-back-in-pukesville-man/#comment-2027 I agree that it would be nice to have some clear-cut guidelines that protect the consumer. The whole driver of the mess we're in is vague rules riddled with loopholes that allow for greed, greed, greed. You can't really afford this home? Great! We'll charge you a higher interest rate. Better yet, we'll give you a low teaser or an interest-only so you DO qualify. Either way, I get my commission. And of course, all the plans to freeze mortgage rates or renegotiate terms only delay the inevitable. It allows the consumer to limp along, and the lender to get as much as possible until the bottom falls out again. I agree that it would be nice to have some clear-cut guidelines that protect the consumer. The whole driver of the mess we’re in is vague rules riddled with loopholes that allow for greed, greed, greed.

You can’t really afford this home? Great! We’ll charge you a higher interest rate. Better yet, we’ll give you a low teaser or an interest-only so you DO qualify. Either way, I get my commission.

And of course, all the plans to freeze mortgage rates or renegotiate terms only delay the inevitable. It allows the consumer to limp along, and the lender to get as much as possible until the bottom falls out again.

]]> By: Doug Miller http://lenderama.com/2008/03/26/im-back-in-pukesville-man/comment-page-1/#comment-2026 Doug Miller Wed, 26 Mar 2008 18:53:19 +0000 http://blog.mariah.com/2008/03/im-back-in-pukesville-man/#comment-2026 Agreed 100%. If there is one thing that has caused our current crisis, its the lack of checks and balances in the residential transaction process. No longer are there seperate agents with their clients' best interests at hearts. Absolute fidelity from fiduciaries, although still espoused by the law as a right, is gone. Replaced with One Stop Shopping even at the hands of attorneys. Without representation, without conflict-free advice, of course there is going to be manipulation and exploitation. Of course the real estate market will end up in the tank. HUD has missed the target on this one. Heck, they're not even in the same room as the target. Agreed 100%. If there is one thing that has caused our current crisis, its the lack of checks and balances in the residential transaction process. No longer are there seperate agents with their clients’ best interests at hearts. Absolute fidelity from fiduciaries, although still espoused by the law as a right, is gone. Replaced with One Stop Shopping even at the hands of attorneys. Without representation, without conflict-free advice, of course there is going to be manipulation and exploitation. Of course the real estate market will end up in the tank. HUD has missed the target on this one. Heck, they’re not even in the same room as the target.

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