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  • July 19, 2008 at 6:29 PM #13352
    TheBreeze
    Participant

    So we’ve all heard how the GSEs are buying or backing 80% of all mortgages today. FHA is probably the other 20%. This means that the outrageous incomes of realtors and mortgage brokers are basically being subsidized by the U.S. taxpayer.

    With Freddie and Fannie able to buy $700K mortgage loans, the American taxpayer is subsidizing up to $40,000 in realtor commissions (assuming 6% commission) on these transactions. Mortgage broker commissions are probably similar. Thus, the American taxpayer could be subsidizing $80,000 in commissions on a single transaction. This is an outrage and needs to stop immediately.

    I propose that the government pass new laws that would limit how much realtors and mortgage brokers can make on a mortgage that is backed or bought by any of the GSEs or FHA. I propose that the government limit commissions on these mortgages as follows:

    maximum realtor or mortgage broker commission on a sub-$500,000 transaction = $400
    maximum realtor or mortgage broker commission on a $500,000+ transaction = $700

    Considering that realtors and mortgage brokers have been a major part of the reason we are in this mess (we’ve all heard about the realtor who bought 10 properties during the runup only to foreclose on all 10 and the mortgage brokers who have lied on mortgage applications), I think these commissions are very generous.

    It is beyond outrageous for the American taxpayer to be subsidizing the income of these two groups when these are the two groups most responsible for the current mess. I’ll be composing a form email that people can send to their Congresspeople so that we can get the ball rolling on this. If you agree with me on this, you can join me in sending the email to our Congresspersons. It’s definitely far beyond time to put a stop to the ridiculous subsidizing of realtor and mortgage broker income with taxper monies.

    And just to be clear, I wouldn’t want to put any restrictions on commissions generated from true free-market transactions. Only GSE/FHA transactions would need to be limited.

    July 19, 2008 at 7:41 PM #242958
    Coronita
    Participant

    Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today

    July 19, 2008 at 7:41 PM #243103
    Coronita
    Participant

    Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today

    July 19, 2008 at 7:41 PM #243111
    Coronita
    Participant

    Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today

    July 19, 2008 at 7:41 PM #243168
    Coronita
    Participant

    Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today

    July 19, 2008 at 7:41 PM #243176
    Coronita
    Participant

    Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today

    July 19, 2008 at 11:43 PM #243004
    equalizer
    Participant

    Here are three versions of reality. Lets have a poll for Piggs to decide.

    Version A:
    Regulation is only for commies.
    Its very obvious that democrats in CA,FL and NY passed state regulations that caused Countrywide, Indymac, Bear Stearns to fail. The free market regulators at federal exec level have been pro growth and have not interfered at all with these companies goal to help pay their employees and improve the US economy. Get rid of the FDIC audits, its just so quaint like the Constitution, it just hinders their growth to help rebuild America.

    Dems are just bitter jealous people when they complain about CEOs getting paid 100 times avg employee salary while half the employees are fired and the stock drops 50%. Don’t you think the Countrywide and BS CEO’s deserve at least a $100M bonus for convincing the Feds to bail them out? Trust me, that 100M would be paid in consulting fees, etc anyway.

    Without funding for new stadiums, teams have moved out and caused devastation for the cities. Witness LA, there is in a recession because the RAMS and Raiders left. Dems in Riverside and SB counties refused to build sports stadiums to lure in massive revenues and you have to wonder why the counties are in a massive recession. Why would anyone want to visit or live there without the sport stadiums and something to cheer about.

    Version B:
    More Regulation needed
    Privatize all the profits, let taxpayers subsidize the Freddie Mac CEO’s $20M pay last year, let the cities hand out free money to build stadium to subsidize billionaire athletes while parks and libraries close. Why is there not a 2 year waiting list to buy condos in downtown SD?

    Bear Stearns, Indymac, Countrywide profits were not regulated, but now their losses are shared. By law, federal execs cant make more than Vice President, about 220K. FDIC execs running Indymac are paid 200K(?), while the former CEO was paid 8M after voluntary 50% pay cut(honest CEO). If you want to have federal subsidies, you better play by our rules, that is don’t take outrageous risk and dont pay CEOs 100M.

    Version C:
    Ron Paul
    The MLS is a monopoly that has been closed to outside groups after massive lobbying (in english read BRIBES) by realtor groups. Some states have been banned non-full service real estate agents. Felony for broker/agents to rebate commissions.

    Fannie, Freddie are nothing but an extortion racket. Honest living. Lets let the readers ponder that Freddie Mac CEO’s $20M pay last year, subsidized by taxpayers.

    Close FDIC, Fannie, Freddie, etc. Get back to gold standard. Consumers can rely on smart/honest people at Moodys and S&P (or Weiss ratings) to help them avoid troubled firms.

    July 19, 2008 at 11:43 PM #243150
    equalizer
    Participant

    Here are three versions of reality. Lets have a poll for Piggs to decide.

    Version A:
    Regulation is only for commies.
    Its very obvious that democrats in CA,FL and NY passed state regulations that caused Countrywide, Indymac, Bear Stearns to fail. The free market regulators at federal exec level have been pro growth and have not interfered at all with these companies goal to help pay their employees and improve the US economy. Get rid of the FDIC audits, its just so quaint like the Constitution, it just hinders their growth to help rebuild America.

    Dems are just bitter jealous people when they complain about CEOs getting paid 100 times avg employee salary while half the employees are fired and the stock drops 50%. Don’t you think the Countrywide and BS CEO’s deserve at least a $100M bonus for convincing the Feds to bail them out? Trust me, that 100M would be paid in consulting fees, etc anyway.

    Without funding for new stadiums, teams have moved out and caused devastation for the cities. Witness LA, there is in a recession because the RAMS and Raiders left. Dems in Riverside and SB counties refused to build sports stadiums to lure in massive revenues and you have to wonder why the counties are in a massive recession. Why would anyone want to visit or live there without the sport stadiums and something to cheer about.

    Version B:
    More Regulation needed
    Privatize all the profits, let taxpayers subsidize the Freddie Mac CEO’s $20M pay last year, let the cities hand out free money to build stadium to subsidize billionaire athletes while parks and libraries close. Why is there not a 2 year waiting list to buy condos in downtown SD?

    Bear Stearns, Indymac, Countrywide profits were not regulated, but now their losses are shared. By law, federal execs cant make more than Vice President, about 220K. FDIC execs running Indymac are paid 200K(?), while the former CEO was paid 8M after voluntary 50% pay cut(honest CEO). If you want to have federal subsidies, you better play by our rules, that is don’t take outrageous risk and dont pay CEOs 100M.

    Version C:
    Ron Paul
    The MLS is a monopoly that has been closed to outside groups after massive lobbying (in english read BRIBES) by realtor groups. Some states have been banned non-full service real estate agents. Felony for broker/agents to rebate commissions.

    Fannie, Freddie are nothing but an extortion racket. Honest living. Lets let the readers ponder that Freddie Mac CEO’s $20M pay last year, subsidized by taxpayers.

    Close FDIC, Fannie, Freddie, etc. Get back to gold standard. Consumers can rely on smart/honest people at Moodys and S&P (or Weiss ratings) to help them avoid troubled firms.

    July 19, 2008 at 11:43 PM #243157
    equalizer
    Participant

    Here are three versions of reality. Lets have a poll for Piggs to decide.

    Version A:
    Regulation is only for commies.
    Its very obvious that democrats in CA,FL and NY passed state regulations that caused Countrywide, Indymac, Bear Stearns to fail. The free market regulators at federal exec level have been pro growth and have not interfered at all with these companies goal to help pay their employees and improve the US economy. Get rid of the FDIC audits, its just so quaint like the Constitution, it just hinders their growth to help rebuild America.

    Dems are just bitter jealous people when they complain about CEOs getting paid 100 times avg employee salary while half the employees are fired and the stock drops 50%. Don’t you think the Countrywide and BS CEO’s deserve at least a $100M bonus for convincing the Feds to bail them out? Trust me, that 100M would be paid in consulting fees, etc anyway.

    Without funding for new stadiums, teams have moved out and caused devastation for the cities. Witness LA, there is in a recession because the RAMS and Raiders left. Dems in Riverside and SB counties refused to build sports stadiums to lure in massive revenues and you have to wonder why the counties are in a massive recession. Why would anyone want to visit or live there without the sport stadiums and something to cheer about.

    Version B:
    More Regulation needed
    Privatize all the profits, let taxpayers subsidize the Freddie Mac CEO’s $20M pay last year, let the cities hand out free money to build stadium to subsidize billionaire athletes while parks and libraries close. Why is there not a 2 year waiting list to buy condos in downtown SD?

    Bear Stearns, Indymac, Countrywide profits were not regulated, but now their losses are shared. By law, federal execs cant make more than Vice President, about 220K. FDIC execs running Indymac are paid 200K(?), while the former CEO was paid 8M after voluntary 50% pay cut(honest CEO). If you want to have federal subsidies, you better play by our rules, that is don’t take outrageous risk and dont pay CEOs 100M.

    Version C:
    Ron Paul
    The MLS is a monopoly that has been closed to outside groups after massive lobbying (in english read BRIBES) by realtor groups. Some states have been banned non-full service real estate agents. Felony for broker/agents to rebate commissions.

    Fannie, Freddie are nothing but an extortion racket. Honest living. Lets let the readers ponder that Freddie Mac CEO’s $20M pay last year, subsidized by taxpayers.

    Close FDIC, Fannie, Freddie, etc. Get back to gold standard. Consumers can rely on smart/honest people at Moodys and S&P (or Weiss ratings) to help them avoid troubled firms.

    July 19, 2008 at 11:43 PM #243213
    equalizer
    Participant

    Here are three versions of reality. Lets have a poll for Piggs to decide.

    Version A:
    Regulation is only for commies.
    Its very obvious that democrats in CA,FL and NY passed state regulations that caused Countrywide, Indymac, Bear Stearns to fail. The free market regulators at federal exec level have been pro growth and have not interfered at all with these companies goal to help pay their employees and improve the US economy. Get rid of the FDIC audits, its just so quaint like the Constitution, it just hinders their growth to help rebuild America.

    Dems are just bitter jealous people when they complain about CEOs getting paid 100 times avg employee salary while half the employees are fired and the stock drops 50%. Don’t you think the Countrywide and BS CEO’s deserve at least a $100M bonus for convincing the Feds to bail them out? Trust me, that 100M would be paid in consulting fees, etc anyway.

    Without funding for new stadiums, teams have moved out and caused devastation for the cities. Witness LA, there is in a recession because the RAMS and Raiders left. Dems in Riverside and SB counties refused to build sports stadiums to lure in massive revenues and you have to wonder why the counties are in a massive recession. Why would anyone want to visit or live there without the sport stadiums and something to cheer about.

    Version B:
    More Regulation needed
    Privatize all the profits, let taxpayers subsidize the Freddie Mac CEO’s $20M pay last year, let the cities hand out free money to build stadium to subsidize billionaire athletes while parks and libraries close. Why is there not a 2 year waiting list to buy condos in downtown SD?

    Bear Stearns, Indymac, Countrywide profits were not regulated, but now their losses are shared. By law, federal execs cant make more than Vice President, about 220K. FDIC execs running Indymac are paid 200K(?), while the former CEO was paid 8M after voluntary 50% pay cut(honest CEO). If you want to have federal subsidies, you better play by our rules, that is don’t take outrageous risk and dont pay CEOs 100M.

    Version C:
    Ron Paul
    The MLS is a monopoly that has been closed to outside groups after massive lobbying (in english read BRIBES) by realtor groups. Some states have been banned non-full service real estate agents. Felony for broker/agents to rebate commissions.

    Fannie, Freddie are nothing but an extortion racket. Honest living. Lets let the readers ponder that Freddie Mac CEO’s $20M pay last year, subsidized by taxpayers.

    Close FDIC, Fannie, Freddie, etc. Get back to gold standard. Consumers can rely on smart/honest people at Moodys and S&P (or Weiss ratings) to help them avoid troubled firms.

    July 19, 2008 at 11:43 PM #243221
    equalizer
    Participant

    Here are three versions of reality. Lets have a poll for Piggs to decide.

    Version A:
    Regulation is only for commies.
    Its very obvious that democrats in CA,FL and NY passed state regulations that caused Countrywide, Indymac, Bear Stearns to fail. The free market regulators at federal exec level have been pro growth and have not interfered at all with these companies goal to help pay their employees and improve the US economy. Get rid of the FDIC audits, its just so quaint like the Constitution, it just hinders their growth to help rebuild America.

    Dems are just bitter jealous people when they complain about CEOs getting paid 100 times avg employee salary while half the employees are fired and the stock drops 50%. Don’t you think the Countrywide and BS CEO’s deserve at least a $100M bonus for convincing the Feds to bail them out? Trust me, that 100M would be paid in consulting fees, etc anyway.

    Without funding for new stadiums, teams have moved out and caused devastation for the cities. Witness LA, there is in a recession because the RAMS and Raiders left. Dems in Riverside and SB counties refused to build sports stadiums to lure in massive revenues and you have to wonder why the counties are in a massive recession. Why would anyone want to visit or live there without the sport stadiums and something to cheer about.

    Version B:
    More Regulation needed
    Privatize all the profits, let taxpayers subsidize the Freddie Mac CEO’s $20M pay last year, let the cities hand out free money to build stadium to subsidize billionaire athletes while parks and libraries close. Why is there not a 2 year waiting list to buy condos in downtown SD?

    Bear Stearns, Indymac, Countrywide profits were not regulated, but now their losses are shared. By law, federal execs cant make more than Vice President, about 220K. FDIC execs running Indymac are paid 200K(?), while the former CEO was paid 8M after voluntary 50% pay cut(honest CEO). If you want to have federal subsidies, you better play by our rules, that is don’t take outrageous risk and dont pay CEOs 100M.

    Version C:
    Ron Paul
    The MLS is a monopoly that has been closed to outside groups after massive lobbying (in english read BRIBES) by realtor groups. Some states have been banned non-full service real estate agents. Felony for broker/agents to rebate commissions.

    Fannie, Freddie are nothing but an extortion racket. Honest living. Lets let the readers ponder that Freddie Mac CEO’s $20M pay last year, subsidized by taxpayers.

    Close FDIC, Fannie, Freddie, etc. Get back to gold standard. Consumers can rely on smart/honest people at Moodys and S&P (or Weiss ratings) to help them avoid troubled firms.

    July 20, 2008 at 1:47 PM #243570
    TheBreeze
    Participant

    [quote=fat_lazy_union_worker] Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today[/quote]

    All I want to do is regulate commissions on loans that are back-stopped by the taxpayers. I want to stop abuses like this where an FDIC insured institution like Downey Savings is offering a $50K commission to mortgage brokers:

    http://mrmortgage.ml-implode.com/2008/07/16/downey-savings-paid-brokers-50k-commission-on-one-loan/

    Who do you think is ultimately going to be on the hook for those 50K commissions? The Downey Savings executives? Hardly. The American taxpayer will be paying for those commissions retroactively when Downey is taken over by the FDIC.

    You may consider it capitalism when mortgage brokers and realtors fleece the system while letting taxpayers pick up the bill once the system collapses. I actually consider that to be socialism and I think most of the American public would agree with me.

    For those who are interested in emailing our representatives about this, I’ll try to have the email done later tonight.

    July 20, 2008 at 1:47 PM #243563
    TheBreeze
    Participant

    [quote=fat_lazy_union_worker] Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today[/quote]

    All I want to do is regulate commissions on loans that are back-stopped by the taxpayers. I want to stop abuses like this where an FDIC insured institution like Downey Savings is offering a $50K commission to mortgage brokers:

    http://mrmortgage.ml-implode.com/2008/07/16/downey-savings-paid-brokers-50k-commission-on-one-loan/

    Who do you think is ultimately going to be on the hook for those 50K commissions? The Downey Savings executives? Hardly. The American taxpayer will be paying for those commissions retroactively when Downey is taken over by the FDIC.

    You may consider it capitalism when mortgage brokers and realtors fleece the system while letting taxpayers pick up the bill once the system collapses. I actually consider that to be socialism and I think most of the American public would agree with me.

    For those who are interested in emailing our representatives about this, I’ll try to have the email done later tonight.

    July 20, 2008 at 1:47 PM #243507
    TheBreeze
    Participant

    [quote=fat_lazy_union_worker] Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today[/quote]

    All I want to do is regulate commissions on loans that are back-stopped by the taxpayers. I want to stop abuses like this where an FDIC insured institution like Downey Savings is offering a $50K commission to mortgage brokers:

    http://mrmortgage.ml-implode.com/2008/07/16/downey-savings-paid-brokers-50k-commission-on-one-loan/

    Who do you think is ultimately going to be on the hook for those 50K commissions? The Downey Savings executives? Hardly. The American taxpayer will be paying for those commissions retroactively when Downey is taken over by the FDIC.

    You may consider it capitalism when mortgage brokers and realtors fleece the system while letting taxpayers pick up the bill once the system collapses. I actually consider that to be socialism and I think most of the American public would agree with me.

    For those who are interested in emailing our representatives about this, I’ll try to have the email done later tonight.

    July 20, 2008 at 1:47 PM #243499
    TheBreeze
    Participant

    [quote=fat_lazy_union_worker] Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.

    I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today[/quote]

    All I want to do is regulate commissions on loans that are back-stopped by the taxpayers. I want to stop abuses like this where an FDIC insured institution like Downey Savings is offering a $50K commission to mortgage brokers:

    http://mrmortgage.ml-implode.com/2008/07/16/downey-savings-paid-brokers-50k-commission-on-one-loan/

    Who do you think is ultimately going to be on the hook for those 50K commissions? The Downey Savings executives? Hardly. The American taxpayer will be paying for those commissions retroactively when Downey is taken over by the FDIC.

    You may consider it capitalism when mortgage brokers and realtors fleece the system while letting taxpayers pick up the bill once the system collapses. I actually consider that to be socialism and I think most of the American public would agree with me.

    For those who are interested in emailing our representatives about this, I’ll try to have the email done later tonight.

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