Kill Mortgage Brokers, Part II
- Jan 16, 2007
- admin
- Investing
LAST WEEK’S ARTICLE ALMOST STARTED AN E-RIOT.
That’s a good thing, of course: in a country where Britney Spears and
Paris Hilton are almost considered Royalty, sometimes I have to make sure
you still have a pulse….fortunately, many of you do!
Check out the e-mailbag:
*************
Dylan Jovine writes about the Iraq situation in The Tycoon Report : “But now
that we’re there, it’s about time we lock this place down Post-WWII style
and show these C–kSuckers what it really means to have the most powerful
military on the planet.”
Does this mean that if Iraqi forces were occupying the United States and
Dylan was fighting for his life & freedom, then he will become a C–kSucker?
Dylan, just put yourself in the other guys shoes first before making such
stupid comments. It just reveals your ignorance and arrogance.
– H. A. Stephen
Thanks for the candid feedback Stephen. I truly do appreciate your honesty.
I also want to point out that it’s terribly difficult for me to take this
position since I was so vehemently against the war in the first place (were
you?).
But the reality is that we are there because the idiots who run this country
(on both sides of the aisle) couldn’t pick up a history book and see the
long-term success rates (virtually nil) for trying to unite lands with different
tribal sects.
So, due to the morons in Washington (I dare one of you to challenge that
assertion), we find ourselves in a place that is on the verge of civil war with
an Iranian administration next door that is doing cartwheels because they can see
the endzone and it says “Regional Super-Power with Nuclear Weapons.”
Of course you already know that if Iraq slides into civil war, the Shiites of the
Middle East (IRAN, SYRIA) will support the Shiite’s in Iraq while the Sunni’s
of the Middle East (Saudi Arabia, Jordan) support the Sunni’s of Iraq.
And of course you know that game-theory states that when that many participants
are involved in the outcome of any one event, things can become very hairy. Add to
that a nuclear Iran and I would say that things can become very hairy indeed
(as everyone else feels the need to “go nuclear” just to compete).
In my mind, the only thing worse then our soldiers risking their lives for their
country is a Shiite versus Sunni war in the Middle East with Iran on the verge
of getting nuclear weapons.
You think things are bad now? You’ll pray to be back at where we currently are.
And finally, to answer your question: If Iraqi forces were occupying the United
States and I was fighting for life and freedom then yes, I also would be a
C–ksucker.
Why? Because one mans terrorist is another man’s freedom fighter.
And it just so happens that whatever country is “running the show” get’s
to frame that argument.
As long as history keeps getting written by the “winners” I’ll play by these
rules.
*************
I am a Senior Loan Officer, and I applaud you and your courage to write this.
M. Stanley, Minneapolis Mn.
Thank you Mr. Stanley.
*************
Just because a person is 20 something and plan to make such a big purchase should
not let them off the hook. Would they make the same decision about the 2nd largest
purchase, a car? Common sense should pervail in each instance.
What about talking to their parents who were probably giving them the down
payment to begin with. Young people are expert with the internet and the web,
why not read Yahoo Financials (mortgages). There were plenty of articles regarding
o Interest loans and ARMs in detail.
Also, if the couple is married, there are two brains to consider, you’d think
one of them could have done a little research for such a large purchase.
With technology and information available in an instant, no I don’t buy it. I
also don’t approve of mortgage brokers and the systems in place (government)
that allows the brokers to rip people off and then be able to come back, finance
them again, with more fees, to get them out of the trouble the broker put them
in to begin with.
How low down is that? It’s a license to steal, over and over again.
Thank you, B. Swisher
Thank you Mrs. Swisher. I do appreciate your candor and totally see your point.
In this country we have a “buyer beware” mentality: watch out for yourself and you
should be fine.
But we also have a “pick yourself up and dust yourself off” mentality and I’m
afraid that the new bankruptcy laws make that harder to achieve.
In other words, the balance is off. On one side we still have the “buyer beware”
mentality of the brokerages but now on the other side, people can’t correct
their mistakes through the bankruptcy process.
That means that instead of learning from and ultimately fixing your mistake, many
of the young people who make these mistakes end up working for creditors for
the rest of their lives.
It just doesn’t seem fair to me sometimes.
***************
We value our decision for never having fallen for the ARM option! AMEN
L. Aguirre, CA
Thank you Mr. Aguirre. Now do the right thing and spread the message…
*************
Dylan, Since in Iraq you want to “lock this place down Post-WWII style and show
these C–kSuckers what it really means to have the most powerful military on the
planet.”
I hope that you, or your son if you have one, are on your way to the Army
recruiting office to join up to kill more Iraqis and secure more oil for the US.
The famous Weapons of Mass Destruction for which we alledgedly entered this
war have never been found, so why is it again that you want to get more of
our sons and daughters killed and to kill more Iraqis than we already
have?
R. Stephenson
Dear Mr. Stephenson,
First of all let me start of by saying that I do not have a family member in Iraq,
so I could never understand the ultimate sacrifice that some Americans are making.
Secondly, let me remind you of my vehement opposition to the war from the very
beginning: I have read countless histories of great powers going into tribal lands
and trying to “civilize” them (with government or religion) and I can’t remember
a single case that was worth the effort.
In my mind, whether they had WMD’s or not wasn’t the point (I assume EVERYBODY has
them). The real question was “Where could we get the most bang for our buck?” and
in my analysis it wasn’t in Iraq.
At this stage of the game we broke it so we own it (see my response to Mr. Stephen
above). However, that is only part of the way to fix it.
The “Sally Struthers” Solution
The real way to “fix” the Middle East is to become (I know, I almost hate to say it)
energy independent.
If we were energy independent we wouldn’t buy their gas. If we didn’t buy their
gas they would have nothing but sand.
Of course the annoying commericials to help feed the hungry who live in a Middle
Eastern desert would get on my nerves but at least we wouldn’t be threatened!
**************
You are misinformed about the mortgage market. I am a real estate broker in
Texas (not a mortgage broker) and mostly disagree with your whole take on ARM’s.
These products exist primarily for 2 sets of buyers: those who anticipate only
being in the house for a short period of time (2-5 years, well qualified, good
income, will be transfered/moving) and buyers who otherwise would not qualify
for the payments on a 30 year note for the house they want (including marginally
qualified subprime loans with higher interest rates).
For those buyers who are marginally qualified most mortgage brokers and loan
officers try like hell to qualify these buyers (as they do all buyers) for
15-30 year market rate fixed rate loans, and while there are unscrupulous
mortgage brokers (as there are unscrupulous people in ANY profession) who do
not fully explain how these loans work it is my experience that most brokers and
loan officers will try very hard to get the best loan possible for the buyers,
including telling them to their face that they are not ready and should wait.
So before YOU go take advantage of some poor bastard and his family who just
had to have that house NOW and couldn’t wait 6-12 months to clean up their
finances and qualify for a 30 year note take a minute to think about all the
scenarios of how that buyer might have got to where he is.
And if you want to come down to Texas and punch that loan officer’s teeth down
his throat be prepared to take what you’re giving. You might get your ass
boot-stomped too (there’s some bull-shit retoric to match yours).
M. Caley Owner/Broker Double Eagle Realty, Texas
Dear Mr. Caley,
I love it! Great rhetoric! (And yes, it matches mine well!) In fact, I liked it
so much I’ll give you a plug!
(Mark Caley Owner/Broker Double Eagle Realty 210-695-9900 mcaley@satx.rr.com)
If you ever get bored of the real estate would you like a job?
As you know I’m going to give my opinions the way I give them. I’d rather you all
hate me for who I am then love me for who I’m not.
With that being said, you are right Mr. Caley: there are bums in every profession.
Since you don’t seem to be one of them I wish you the best.
(I just wish you would have talked about the bankruptcy side of the equation a
bit more).
***********
Good subject, sensible position, well articulated – BUT – (and I’m no saint) – use
of a single profanity detracted from the overall quality. There’s a time and place
for such (I personally probably find both too often) but NOT in a professional’s
uttering to the public.
Sincerely, W. Sigler
************
I am entirely in agreement with you as regards the mortgage part of your article,
however, to call CNN liberal media is out of touch.
What do you call Fox News, middle of the road? If CNN was really liberal media,
they would have told the true story of why we are in Iraq, and other un-American
activities of the current administration.
Cheers, Jan Stevens
***************
I LOVE IT!!! HE TELLS IT LIKE IT IS… AND THE BEST PART IS BEING AN HONEST ETHICAL
MORTGAGE BROKER NOW FOR MORE THAN 20 YEARS. HELPS MY BUSINESS 10 FOLD, BECAUSE NOW I
STAND BEFORE YOU SAYING…. “AT LEAST I GAVE ALL MY CLIENTS MY BEST ADVICE IN NOT GETTING
INTO THESE EXOTIC TYPE LOAN PRODUCTS”
No Signature
***************
As a 70 year old, that was ONCE 21, newly married and a child on the way, I really
sympathize with the situation.
Time allowed me the ability to survive, but I wonder if it will be so for the young of
today. Financial training is a BIG deficiency in our educational system, but should
be drummed into the young every year (articles such as Dylan’s) to help them be less
victimized by their youth inexperience, and vulnerability!
No Signature
***************
I wish all young couples had a chance to heed this advice! Russell