Let’s focus on your joint ventures. If you’re lending in all 50 states, YOU ARE A LENDER! If your JV projects include seller financing, YOU ARE A LENDER! It might not be your main business, but if you want to do it, you have to follow the rules. Just like retailers who offer in house financing have to follow consumer financing rules. Just like lawyers who provide escrow services have to follow rules. It doesn nothing to destroy creative thinking. Go create all you want. But if it’s a significant part of your business, then why on earth wouldn’t you want to gain the expertise to do it correctly? Why fight it?
And you’re going to have to explain to me how “socialism” fits into this discussion. It doesn’t. This is about consumer protection, not redistribution of resources. Nor does the “socialism” tag fit giving support to the banks and financial institutions which were part and parcel to the economic crisis. When government is all about big business, that would be facism, not socialism. But apperently socialism has a better ring to it, so keep using it, whether it fits or not.
