Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Presidential Broker Bashing Backfires

Notify me of new replies via email
  • Susan Zeiber | | 25 Feb 2012, 06:01 PM Agree 0
    Thank you, Marc! I am a 34 year veteran Mortgage Broker who has spent my entire career doing VA mortgages as 95% of my business and I very much resent being blamed for the financial crisis. I did a total of 7 subprime mortgages and required that the borrower take a fixed rate because I knew what would happen to their payment when the fixed rate period was over and the adjustable part would start! I could not allow that to happen to one of my customers. Why didn't someone in DC read the fine print in those mortgages before this crisis happened? They could have prevented it from ever happening in the first place! I am just one Mortgage Broker. I am just one "Crook" as the government tries to make us appear, who DID read the fine print! Don't blame us for not protecting America from those mortgages to begin with!

    I read an article yesterday on CNNFN about the Fed, low rates and why the housing industry isn't recovering. When are they (The White House, Fed,etc) going to realize that they have regulated the mortgage industry to the point that our hands are tied behind our backs. The crooks are gone...they made gazillions of dollars and left career people like us in the wake. With all due respect, Mr. Bernanke, the rates are low enough....the regulation is too high.

    What other industry is regulated as stringently as we are? I know of no other private industry that the US Government controls how much money they can make.

    I am working 60 hour weeks trying to get a third of the mortgages I used to do processed and closed for much less money and triple the work. I am not a crook! I am a hard working Ameircan Mortgage Loan Broker who helps other Americans (mostly Veterans) purchase and refinance homes during a time our government has made it almost impossible.

    Thank you for all you do, Marc!

    Susan Zeiber
  • Markita Woods | | 26 Feb 2012, 11:26 AM Agree 0
    Thanks Marc for sharing the article. Placing blame is the story of our government. I do not think you can blame one entity for the entire meltdown. The government, bankers, consumers, and Realtors all played a part in the meltdown.

    But as Susan stated what are we really doing to shape a recovery?

    Over regualtion has a choke hold on the market.
Post a reply