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(English) QRM: Is the Pendulum Swinging Back Too Hard?

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115 comentarios
  1. Diane
    Diane Dice:

    These new ‘rules’ if passed, will totally bring down the economy to a frightening low level. In my opinion it would be similar to clogging the wheels of progress and then scratching one’s head in bewilderment. It will destroy the middle incomes dreams of owning a home; leave no option for a lower income family to rise above their ‘station’. And of course the builders, painters, electricians, plumbers, and other service oriented folks can join the ranks of the unemployed. The rich of course will feel no pain. They can invest in rental properties and watch the world from their ivory towers. What a disturbing vision for me. I certainly hope this is just a nightmare and will never reach reality.

    Responder
  2. Lilly
    Lilly Dice:

    Diane, for a minute let’s be realistic: if you were the one loaning your money to someone, how easy would you make it for them to walk away from the loan.

    Maybe in the future it would be smart to allow brokerages to loan more money, and make them keep some of the risk associated with the loan…as they want to do with the banks. We can no longer have all the benefits without sharing the risk. It’s great that we want to push our views, but maybe it’s time we have to put our money where our mouth is. Then we’ll see how many loans realtors write.

    Responder
  3. Dennis Robinson
    Dennis Robinson Dice:

    OMG! What a bunch of crap!!! First of all the banks made out like pirates who raped and pillaged the American people. Idiots!!! Let’s punish the victim/homeowner… First the banks farm out their mortgages to brokers telling them to give anyone who wants a mortgage on an ARM or IOM to give them one. Hell they had people out on the streets with signs that read ”Don’t Rent, Buy!” Hell they even had what were called liars mortgages!

    The banks got paid premium mortgages for 3-5 years and then some super premium mortgages after ARM took affect for a short period afterwards. Then the banks foreclosed on the homes, got the homes back then sold them at short sale or auction. Then the banks claimed a loss on the bad note and didn’t pay any gains… Then the banks got a “Government Bailout” which actually came from the people they took the homes from… (Our US Tax Dollars with no stipulations on it!). So the banks turn around and buy a new or existing bank (With the people’s money whom they just robbed) and all of its “Bad Debt” and end up with the homes again!!! (The banks made money 5 times on 1 property) Not to mention that a majority of these foreclosures were “Mortgage Backed Securities” by tax payer (Americans People’s) money. (FHA, HUD, VA, Freddie Mac, Fannie Mae, and USDA)… Makes one wonder if the there is “Collusion” going on here… Sure looks like it and most Americans are blind to it until after the matter; when the try and sneak some bull like this into law when no one’s looking or paying attention.

    Now the Government is going to punish the victims (American People) again buy not making it easier to buy another home??? The banks are going to get free reign to rake us over the coals again. Sounds like the Government wants to draw a canyon not a line between the rich and the poor! So only the rich can own property and rent to the poor and only the rich can benefit from the tax benefits that come with owning a home. I will have to look at what the new tax codes look like that they released on February 12th 20111???

    Either Government is getting into “Banking” or the banks are getting into the “Real Estate Business”… I feel bad for the people that don’t know the loopholes I do. Fortunately for me this will not affect me a bit and never will unless we become a communist country… I guess I need to publish a book now and get a TV commercial LOL!

    You nailed it on the head Diane!

    Dennis Robinson

    Responder
  4. Evelyn Hunt
    Evelyn Hunt Dice:

    This loan structuring is very much like the requirements of 25 years ago. That was a time when we, as agents, qualified our buyers with a written financial profile requirement and the 28% and 36% debt ratios done by us as Realtors, before we would put them in our car. And gas wasn’t at the price it is today. We just need to learn to think like lenders and pre-qualify again. Don’t be afraid of asking the Financial questions. It’s not rude, and it IS your business, if you plan to invest time and money in showing houses.

    Responder
  5. Robert
    Robert Dice:

    These only apply to government-backed mortgages. Hopefully this will encourage more banks to do more lending in-house. If instead of selling their mortgages to some government body, they have to swallow the loss when a borrower can’t make good, they will be more likely to offer borrowers terms they can afford and steer borrowers toward houses that are in a suitable budget range.

    Responder

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