[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:
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.[/quote]
I think you’re pointing the finger at the wrong problem. What got us into this mess started with the financial institution lax lending rules. I fail to see how regulating something as far upstream as realtors commision is really going to do anything. You want change, push for tighter lending standards. Well, i guess you really don’t need to do this, since they are coming anyway.
