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July 20, 2008 at 1:47 PM in reply to: Proposal to limit commissions of realtors and mortgage brokers #243358July 20, 2008 at 1:47 PM in reply to: Proposal to limit commissions of realtors and mortgage brokers #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.
July 20, 2008 at 1:47 PM in reply to: Proposal to limit commissions of realtors and mortgage brokers #243507Participant[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 in reply to: Proposal to limit commissions of realtors and mortgage brokers #243563Participant[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 in reply to: Proposal to limit commissions of realtors and mortgage brokers #243570Participant[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.
Participant[quote=bsrsharma]The home is pending at 848k
Does that mean someone has obtained a mortgage for that? (assuming it is not a cash heavy transaction). Seems improbable with the way jumbo market is cautious now.
[/quote]
It wouldn’t surprise me if some of the banks that are about to be taken over by the FDIC (think Downey Savings) are going nuts with the mortgages right now. After all, what do they have to lose? If everything somehow miraculously works out, they would get to keep the profits on this mortgage. If not, the taxpayer bails them out. It’s a win-win.
Participant[quote=bsrsharma]The home is pending at 848k
Does that mean someone has obtained a mortgage for that? (assuming it is not a cash heavy transaction). Seems improbable with the way jumbo market is cautious now.
[/quote]
It wouldn’t surprise me if some of the banks that are about to be taken over by the FDIC (think Downey Savings) are going nuts with the mortgages right now. After all, what do they have to lose? If everything somehow miraculously works out, they would get to keep the profits on this mortgage. If not, the taxpayer bails them out. It’s a win-win.
Participant[quote=bsrsharma]The home is pending at 848k
Does that mean someone has obtained a mortgage for that? (assuming it is not a cash heavy transaction). Seems improbable with the way jumbo market is cautious now.
[/quote]
It wouldn’t surprise me if some of the banks that are about to be taken over by the FDIC (think Downey Savings) are going nuts with the mortgages right now. After all, what do they have to lose? If everything somehow miraculously works out, they would get to keep the profits on this mortgage. If not, the taxpayer bails them out. It’s a win-win.
Participant[quote=bsrsharma]The home is pending at 848k
Does that mean someone has obtained a mortgage for that? (assuming it is not a cash heavy transaction). Seems improbable with the way jumbo market is cautious now.
[/quote]
It wouldn’t surprise me if some of the banks that are about to be taken over by the FDIC (think Downey Savings) are going nuts with the mortgages right now. After all, what do they have to lose? If everything somehow miraculously works out, they would get to keep the profits on this mortgage. If not, the taxpayer bails them out. It’s a win-win.
Participant[quote=bsrsharma]The home is pending at 848k
Does that mean someone has obtained a mortgage for that? (assuming it is not a cash heavy transaction). Seems improbable with the way jumbo market is cautious now.
[/quote]
It wouldn’t surprise me if some of the banks that are about to be taken over by the FDIC (think Downey Savings) are going nuts with the mortgages right now. After all, what do they have to lose? If everything somehow miraculously works out, they would get to keep the profits on this mortgage. If not, the taxpayer bails them out. It’s a win-win.
ParticipantToo many people need the consulting on the market…
ROFLMAO! Hold on, hold on. Give me a second to compose myself. Are you seriously suggesting that people need realtors to help them figure out the price to pay for a house. OH MAN. THAT IS RICH!
I still remember the “consulting” my realtor provided when I was looking for a house back in 2006: “Why would you want to offer at that price? You’ve qualified [from a lender] for way more than that.”
Most realtors are effin’ worthless. They want you to pay as much as possible so their commission will be higher. No way I would ever “consult” with a realtor on the “market”. It’d be like consulting with a used car dealer on the price of a car.
ParticipantToo many people need the consulting on the market…
ROFLMAO! Hold on, hold on. Give me a second to compose myself. Are you seriously suggesting that people need realtors to help them figure out the price to pay for a house. OH MAN. THAT IS RICH!
I still remember the “consulting” my realtor provided when I was looking for a house back in 2006: “Why would you want to offer at that price? You’ve qualified [from a lender] for way more than that.”
Most realtors are effin’ worthless. They want you to pay as much as possible so their commission will be higher. No way I would ever “consult” with a realtor on the “market”. It’d be like consulting with a used car dealer on the price of a car.
ParticipantToo many people need the consulting on the market…
ROFLMAO! Hold on, hold on. Give me a second to compose myself. Are you seriously suggesting that people need realtors to help them figure out the price to pay for a house. OH MAN. THAT IS RICH!
I still remember the “consulting” my realtor provided when I was looking for a house back in 2006: “Why would you want to offer at that price? You’ve qualified [from a lender] for way more than that.”
Most realtors are effin’ worthless. They want you to pay as much as possible so their commission will be higher. No way I would ever “consult” with a realtor on the “market”. It’d be like consulting with a used car dealer on the price of a car.
ParticipantToo many people need the consulting on the market…
ROFLMAO! Hold on, hold on. Give me a second to compose myself. Are you seriously suggesting that people need realtors to help them figure out the price to pay for a house. OH MAN. THAT IS RICH!
I still remember the “consulting” my realtor provided when I was looking for a house back in 2006: “Why would you want to offer at that price? You’ve qualified [from a lender] for way more than that.”
Most realtors are effin’ worthless. They want you to pay as much as possible so their commission will be higher. No way I would ever “consult” with a realtor on the “market”. It’d be like consulting with a used car dealer on the price of a car.
ParticipantToo many people need the consulting on the market…
ROFLMAO! Hold on, hold on. Give me a second to compose myself. Are you seriously suggesting that people need realtors to help them figure out the price to pay for a house. OH MAN. THAT IS RICH!
I still remember the “consulting” my realtor provided when I was looking for a house back in 2006: “Why would you want to offer at that price? You’ve qualified [from a lender] for way more than that.”
Most realtors are effin’ worthless. They want you to pay as much as possible so their commission will be higher. No way I would ever “consult” with a realtor on the “market”. It’d be like consulting with a used car dealer on the price of a car.
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