I've read alot lately about people pointing fingers at one another and deflecting the blame for the mortgage melt-down away from their own personal vocation. The fact is that we are all to blame and that it will take all of us to get out of it too.
So who is to blame? Here's your answer...
Lenders: For failing to qualify their borrowers in a sensible way...BEFORE any crisis occured.
Mortgage Brokers: For being less-than-honest with their borrowers about the adjustable products they were pushing homeowners into. For closing deals they knew would come back to bite their clients and not caring...
Brokers/Realtors: For pushing people to "reach" for properties they had no business reaching for... Some of whom made Mortgage Brokers and Loan Officers rich...
Appraisers: Who wanted to keep the gravy train rolling and inflated values
Notaries: Who were un-professional and/or unlawful in getting deals signed [can you say fraud?] for their own profit motive(s).
John Q. Public: For not being bright enough to keep from getting in way over his own head!! For not being smart enough to exercise that 3-day right to cancel...
The Federal Government: For not insisting that significant banking/lending regulations were both in place and being enforced!
Do realtors deserve the grief they are getting? The answer is yes...and NO. Yes, they share the blame. No, they are not even close to being the worst offender.
Remember, "He who holds the purse strings rules the world".
"A Quick Note"
