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Stop pointing the finger at brokers

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Ryan Smith | 29 Apr 2014, 11:51 PM Agree 0
Brokers say they're tired of acting as scapegoats for the financial meltdown. Do you think brokers found the fingers unduly pointed at them in place of big banks?
  • Simon Dalambert | | 29 Apr 2014, 11:52 PM Agree 0
    It has been clear to anyone who wanted to hear the facts and not point fingers who played a part in the mortgage meltdown.

    Brokers, Loan officers Direct Bank or Mortgage company mortgage officers, Big banks, smaller lenders, Wall Street, Investors reaching for high yields all pushing limited verification products, many many actual borrowers, Appraisers, Politicians pushing lenders and the agencies to make mortgages all played a big part in the meltdown.
    Certainly not all of any of the groups are to blame but none of them are completely innocent either.
    IF ANY ONE GROUP of them had done completely the right thing 80% to 90% of the problems would have been avoided. If TWO groups had done the right thing it would hard to imagine how we would have ever had an issue.
    Trying to assign a percentage of blame is hard. But there is no such thing as a "little bit honest" but the next guy was worse so it's okay what our group did.
    I have been a broker for over 20 years, previously with a large lender for 15 years and a consumer for at least all of my adult life. It was easy to see this coming but greed by some or many in each group listed above caused the meltdown. For any of them to deny or try to defend all of their groups is just plain garbage.
  • Edward Gambrill | | 30 Apr 2014, 12:22 AM Agree 0
    I have been a small town mortgage broker for 22 years. Same place, same name, same employees. We survived it all. Some times were tight. The lenders would not turn down mortgages even if you asked them to. If we wouldn't do a mortgage for a Realtor or homebuyer they would go somewhere else.

    There other most unfair portion of this new world is how unsulting it is to borrowers with real entgriety, honesty, good credit and excellent credit histories. Where is the common sense underwriting we used to have.

    Next let's talk about the credit bureaus and creditors that throw a small balance (under $100) on someones credit report and ruin their scores. This should not be allowed.
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