Economic Crises Opinion
Many are going back and forth with the finger pointing blame game; regarding our economical and mortgage break down. I find it ironic when a positive issue surfaces everyone is fighting to be the author, yet when a negative situation arises no one wants admit to blame. I entered mortgage industry October 18, 2000. It was the happiest day of my life, having the privilege of helping others with their dreams and goals had me on top of the world. What I later came to know was some agents were not too concerned about quality but more interested in quantity. I have never witnessed greed like this in my life. My broker at the time did not care about how you got a deal done; points were the limit - CHARGE IT UP! I made a decision to remain with this particular broker but not for those reasons. I chose to stay to learn more about the business and to gain hands-on experience on real estate and language. Once I accomplished that, I left. I worked for other brokers who shared that same disturbing concept; it’s not about quality but quantity. Finally, I found a broker who had the same ethics as I; treat all customers with integrity and respect. Extend that to all and referrals will soon come, and they did. I have been with this broker for the last 3 years and proud to say we have never had a loan to come back and bite us in the end.
We are in theses crises because of some real estate brokers forgot the words FUDICARY DUTIES! Some real estate sales agents and mortgage consultants forgot the words, DUE DILLIGANCE. We had these so call professionals who entered the market with the pure intent to gouge clients in points to gain higher commissions. They knowingly placed their clients in unaffordable mortgages and placing them in danger of loosing their homes from day one. Some mortgage companies had their own chop shops altering documents so loans could close, “just to meet quotas”. I am appalled to hear and see how this has shifted over to the consumer’s fault; of course there is a small percentile, who knew they could not afford a mortgage but assumed a mortgage anyway. After working in customer service for over 25 years, I’ve literally seen customer service practices vanish and highway robbery took over like wild fire.
Being in this business we all have a moral obligation to learn from this mess; from our government, financial advisors to crooked mortgage consultants and sales persons, brokers, banks and Wall Street. These are the main players who created these deceptive practices. Most 100% and option arm products which were offered should have been on A paper only, not subprime. If you are disagreeing with this statement then please comment on why are AIG and Meryl Lynch and others are in dire predicaments including wall street? These companies and institutions have been around for decades. This all came with the “changes of the guards”. Who are the guards you ask? Leave me your email address and I will tell you. The bottom line is we all need to be our brother’s keeper. We all need to keep in mind how we would we feel if it were our family members being cheated and/or robbed out of their life savings. Of course this only applies to the ones who have morals.
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