Intentional defaulting, not subprime mortgage is the problem

[sdduuuude]

It’s not the problem.
It’s the solution, really.

[donaldduckmoore]

[quote=werewolf34]I find it funny and really sad that no one, not one person ever talks about regulating realtors. It is just commonly accepted that realtors can do anything they want to sell homes. How about making them fiduciaries and responsible for pushing people into home they can’t afford?

Mortgages are non-recourse loans, period. In the interest rate, they’ve have priced (or forgot to price) the risk that people walk away.

I believe in personal responsibility but in a time where govt isn’t responsible and banks aren’t responsible why should the little guy be responsible?

B/c of social pressure? Not anymore, we have become a nation of crooks and patsies. You’re one or the other[/quote]

I totally disagree. Irresponsible buyers always blame others and act like they are the victims. hey, you are the buyers and you have the money, you are the one who is buying and there is no way other people can force you to buy if you cannot afford it or if you do not want to. Are you going to put on a hat that is 2 sizes larger than your head size. Everybody likes to own assets but not everybody can afford everything. I like to have a mercedez benz, but I cannot afford it, am i going to “HAVE TO” buy it anyway. The difference between a responsible and an irresponsible buyer is that the former will think if he really needs it and can he afford it, the latter, don’t give a damn because if he cannot afford it, the dealer will take the car away, or someone will bail them out. Realtors are sales persons, and certainly some of them will convince you to buy things. If they don’t, you think they are insane. But once again it is your money, no one can “FORCE” you to buy anything unless you want to buy. That is it, and don’t blame all of the people that were in the path. The buyers are also playing a major role to let the greed goes on to fuel the bubble.

[donaldduckmoore]

[quote=werewolf34]I find it funny and really sad that no one, not one person ever talks about regulating realtors. It is just commonly accepted that realtors can do anything they want to sell homes. How about making them fiduciaries and responsible for pushing people into home they can’t afford?

Mortgages are non-recourse loans, period. In the interest rate, they’ve have priced (or forgot to price) the risk that people walk away.

I believe in personal responsibility but in a time where govt isn’t responsible and banks aren’t responsible why should the little guy be responsible?

B/c of social pressure? Not anymore, we have become a nation of crooks and patsies. You’re one or the other[/quote]

I totally disagree. Irresponsible buyers always blame others and act like they are the victims. hey, you are the buyers and you have the money, you are the one who is buying and there is no way other people can force you to buy if you cannot afford it or if you do not want to. Are you going to put on a hat that is 2 sizes larger than your head size. Everybody likes to own assets but not everybody can afford everything. I like to have a mercedez benz, but I cannot afford it, am i going to “HAVE TO” buy it anyway. The difference between a responsible and an irresponsible buyer is that the former will think if he really needs it and can he afford it, the latter, don’t give a damn because if he cannot afford it, the dealer will take the car away, or someone will bail them out. Realtors are sales persons, and certainly some of them will convince you to buy things. If they don’t, you think they are insane. But once again it is your money, no one can “FORCE” you to buy anything unless you want to buy. That is it, and don’t blame all of the people that were in the path. The buyers are also playing a major role to let the greed goes on to fuel the bubble.

[donaldduckmoore]

[quote=werewolf34]I find it funny and really sad that no one, not one person ever talks about regulating realtors. It is just commonly accepted that realtors can do anything they want to sell homes. How about making them fiduciaries and responsible for pushing people into home they can’t afford?

Mortgages are non-recourse loans, period. In the interest rate, they’ve have priced (or forgot to price) the risk that people walk away.

I believe in personal responsibility but in a time where govt isn’t responsible and banks aren’t responsible why should the little guy be responsible?

B/c of social pressure? Not anymore, we have become a nation of crooks and patsies. You’re one or the other[/quote]

I totally disagree. Irresponsible buyers always blame others and act like they are the victims. hey, you are the buyers and you have the money, you are the one who is buying and there is no way other people can force you to buy if you cannot afford it or if you do not want to. Are you going to put on a hat that is 2 sizes larger than your head size. Everybody likes to own assets but not everybody can afford everything. I like to have a mercedez benz, but I cannot afford it, am i going to “HAVE TO” buy it anyway. The difference between a responsible and an irresponsible buyer is that the former will think if he really needs it and can he afford it, the latter, don’t give a damn because if he cannot afford it, the dealer will take the car away, or someone will bail them out. Realtors are sales persons, and certainly some of them will convince you to buy things. If they don’t, you think they are insane. But once again it is your money, no one can “FORCE” you to buy anything unless you want to buy. That is it, and don’t blame all of the people that were in the path. The buyers are also playing a major role to let the greed goes on to fuel the bubble.

[donaldduckmoore]

[quote=werewolf34]I find it funny and really sad that no one, not one person ever talks about regulating realtors. It is just commonly accepted that realtors can do anything they want to sell homes. How about making them fiduciaries and responsible for pushing people into home they can’t afford?

Mortgages are non-recourse loans, period. In the interest rate, they’ve have priced (or forgot to price) the risk that people walk away.

I believe in personal responsibility but in a time where govt isn’t responsible and banks aren’t responsible why should the little guy be responsible?

B/c of social pressure? Not anymore, we have become a nation of crooks and patsies. You’re one or the other[/quote]

I totally disagree. Irresponsible buyers always blame others and act like they are the victims. hey, you are the buyers and you have the money, you are the one who is buying and there is no way other people can force you to buy if you cannot afford it or if you do not want to. Are you going to put on a hat that is 2 sizes larger than your head size. Everybody likes to own assets but not everybody can afford everything. I like to have a mercedez benz, but I cannot afford it, am i going to “HAVE TO” buy it anyway. The difference between a responsible and an irresponsible buyer is that the former will think if he really needs it and can he afford it, the latter, don’t give a damn because if he cannot afford it, the dealer will take the car away, or someone will bail them out. Realtors are sales persons, and certainly some of them will convince you to buy things. If they don’t, you think they are insane. But once again it is your money, no one can “FORCE” you to buy anything unless you want to buy. That is it, and don’t blame all of the people that were in the path. The buyers are also playing a major role to let the greed goes on to fuel the bubble.

[donaldduckmoore]

[quote=werewolf34]I find it funny and really sad that no one, not one person ever talks about regulating realtors. It is just commonly accepted that realtors can do anything they want to sell homes. How about making them fiduciaries and responsible for pushing people into home they can’t afford?

Mortgages are non-recourse loans, period. In the interest rate, they’ve have priced (or forgot to price) the risk that people walk away.

I believe in personal responsibility but in a time where govt isn’t responsible and banks aren’t responsible why should the little guy be responsible?

B/c of social pressure? Not anymore, we have become a nation of crooks and patsies. You’re one or the other[/quote]

I totally disagree. Irresponsible buyers always blame others and act like they are the victims. hey, you are the buyers and you have the money, you are the one who is buying and there is no way other people can force you to buy if you cannot afford it or if you do not want to. Are you going to put on a hat that is 2 sizes larger than your head size. Everybody likes to own assets but not everybody can afford everything. I like to have a mercedez benz, but I cannot afford it, am i going to “HAVE TO” buy it anyway. The difference between a responsible and an irresponsible buyer is that the former will think if he really needs it and can he afford it, the latter, don’t give a damn because if he cannot afford it, the dealer will take the car away, or someone will bail them out. Realtors are sales persons, and certainly some of them will convince you to buy things. If they don’t, you think they are insane. But once again it is your money, no one can “FORCE” you to buy anything unless you want to buy. That is it, and don’t blame all of the people that were in the path. The buyers are also playing a major role to let the greed goes on to fuel the bubble.

[werewolf34]

You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.

[werewolf34]

You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.

[werewolf34]

You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.

[werewolf34]

You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.

[werewolf34]

You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.

[donaldduckmoore]

[quote=werewolf34]You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.[/quote]

First, I can assure you that I am 100% non-realtor and I am not at all related to the business. I think some realtors, like sales persons cheat. But that is not my point. Yes, real estate is largely unregulated, but what about car dealership, they are neither regulated, so what?! As a big-ticketed item buyer, you just have to be careful of what you are buying.

You are exactly right that it is the taxpayers who are now holding the bag, we should not have allow irresponsible buyers to buy because with their careless decision, we are the one who is going to suck it up. This substantiates my point that the stupid buyers or flippers should not buy, or they should take what they deserve as a consequence.

You tend to see that the problem stems from realtors, I feel that the regulatory agencies, lenders, realtors, and buyers should all share the responsibility. But because the first three have been debated, but the forth was never mentioned,therefore, I want to also draw attention to this group of the problem, and that is what I want to say.

[donaldduckmoore]

[quote=werewolf34]You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.[/quote]

First, I can assure you that I am 100% non-realtor and I am not at all related to the business. I think some realtors, like sales persons cheat. But that is not my point. Yes, real estate is largely unregulated, but what about car dealership, they are neither regulated, so what?! As a big-ticketed item buyer, you just have to be careful of what you are buying.

You are exactly right that it is the taxpayers who are now holding the bag, we should not have allow irresponsible buyers to buy because with their careless decision, we are the one who is going to suck it up. This substantiates my point that the stupid buyers or flippers should not buy, or they should take what they deserve as a consequence.

You tend to see that the problem stems from realtors, I feel that the regulatory agencies, lenders, realtors, and buyers should all share the responsibility. But because the first three have been debated, but the forth was never mentioned,therefore, I want to also draw attention to this group of the problem, and that is what I want to say.

[donaldduckmoore]

[quote=werewolf34]You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.[/quote]

First, I can assure you that I am 100% non-realtor and I am not at all related to the business. I think some realtors, like sales persons cheat. But that is not my point. Yes, real estate is largely unregulated, but what about car dealership, they are neither regulated, so what?! As a big-ticketed item buyer, you just have to be careful of what you are buying.

You are exactly right that it is the taxpayers who are now holding the bag, we should not have allow irresponsible buyers to buy because with their careless decision, we are the one who is going to suck it up. This substantiates my point that the stupid buyers or flippers should not buy, or they should take what they deserve as a consequence.

You tend to see that the problem stems from realtors, I feel that the regulatory agencies, lenders, realtors, and buyers should all share the responsibility. But because the first three have been debated, but the forth was never mentioned,therefore, I want to also draw attention to this group of the problem, and that is what I want to say.

[donaldduckmoore]

[quote=werewolf34]You must be a realtor.

Real estate is largely unregulated as compared to other asset classes. Real estate is an asset class whether you like it or not. The US put in licensing requirements and fiduciary responsibilities for financial advisors (brokers).
Compare a series 7 exam with RE license ‘exam’ and you’ll get the point. Why should RE brokers get special treatment?

In no other asset class, can you get 3/6% of the sale price while being so unethical / unaccountable. Real estate is top #3 when it comes to political donations. You think they do this b/c they care about politics? It’s how they keep the license to steal/misrepresent/defraud.

If people (and banks) who bought crappy RE really get stuck holding the bag, then I wouldn’t care. But you and I know that is the taxpayer who gets to eat the loss. So starting cutting the speculative problem off at the start with the brokers and mortgage bankers.

Better (liable/trained) brokers = less problems down the road.[/quote]

First, I can assure you that I am 100% non-realtor and I am not at all related to the business. I think some realtors, like sales persons cheat. But that is not my point. Yes, real estate is largely unregulated, but what about car dealership, they are neither regulated, so what?! As a big-ticketed item buyer, you just have to be careful of what you are buying.

You are exactly right that it is the taxpayers who are now holding the bag, we should not have allow irresponsible buyers to buy because with their careless decision, we are the one who is going to suck it up. This substantiates my point that the stupid buyers or flippers should not buy, or they should take what they deserve as a consequence.

You tend to see that the problem stems from realtors, I feel that the regulatory agencies, lenders, realtors, and buyers should all share the responsibility. But because the first three have been debated, but the forth was never mentioned,therefore, I want to also draw attention to this group of the problem, and that is what I want to say.

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