Tuesday, May 29

The Good, The Bad, The Despicable

The more that we hear and learn about this subprime mortgage hoopla, the more disturbing it gets.

I spent many a year helping folks find their path to the American Dream, home ownership. Not once did it cross my mind, and as far as I know, the minds of my colleagues, to fabricate facts in order to qualify an applicant for a home loan. On the contrary, we took steps so as to be as reasonably ensured as possible that the loan was not only affordable for the borrower, but that we would be repaid.

The greed, the shameless unabated grab for money by these unscrupulous loan officers is nothing short of a crime. Fraud? Robbery? Both? The people that have created this catastrophe have tarnished the reputations of the professionals in the industry. How long will it take before people trust the true and professional mortgage loan officer again?

It doesn't help that most people don't know the difference between a mortgage loan broker and a mortgage loan banker. To set the record straight; work with a banker, not a broker. While they both are out to make as much money as possible, the banker is much less likely to take advantage of someone. Think of a broker along the same lines as you would the plaid jacketed used car salesman...

Money was made hand over fist at the expense of other peoples dreams and aspirations. Taking advantage of hope. Despicable....