Sick of the "Let's Bash Bush" and "Investors Are Greedy" Crowd

I can hardly put into words (at least not publicly) of how sick I am of some of the mortgage and real estate crowd who are taking the new government rate freeze plan as another opportunity to bash President Bush and the Investors who hold the paper on those loans. What a bunch of sad sacks they all are. Anyone with half a brain can see right through their so called criticisms and understand that all they are really doing is showing their true partisan agenda. And just what is that agenda? Simple, blame the Bush administration for everything that happens. How politically correct they all are. Then, just to show how progressively minded they are too, they bash the greedy investors, who are going to lose money no matter what happens as we move forward.

Now, is this new rate freeze plan an "end all, be all"? Not hardly. Is it going to help everyone? No. But at least it is a small step in helping to stem the tide of rising foreclosures and the slumping housing market. If it helps to keep even 10% of the borrowers in their homes and their properties out of foreclosure and off the crowded home market, is that not a good thing? Especially since it does not cost taxpayers one red cent. Could it of had more teeth? Yes. Could it have been a "true" bailout? Absolutely. Just ask any of the democratic candidates running for the next presidency. But how would that have helped hold anyone accountable for their actions? It wouldn't. And the thing is, it's time some people where held accountable, lenders, borrowers, and the government alike. You see, I blame this whole mess on all three parties equally. They all played their roll in allowing this situation to ever occur in the first place.

Let's take a hard look at the real truth behind exactly what happened. Since I work in it, we'll start with the lending industry. They are the ones who dreamed up all these ridiculous loan programs and gave them out like candy. And, why did they do it? Because the powers in Washington said they should make it a priority to get people into their own homes. Just what did they think was going to happen when all those 1% option arms and 2/28's got hit with change dates in a rising interest rate environment brought on by the short sighted Federal Reserve Board? And what about giving loans to people with questionable incomes and no money in savings to fall back on? Did they all know? You betcha. Did they all care? I think you can answer that one for yourself.

And, what about all those poor deceived borrowers who did not understand what they were getting into when they took out those loans? Do you really believe for the majority of them, that was the case? If you do, come on down to Florida because I've got some great swampland I'd love to sell you. I work in this business everyday and have for going on almost 20 years. I've talked to thousands of borrowers over that time and I can tell you firsthand, most know exactly what they are doing. Were their some who fell prey to the vultures who permeate my chosen profession? Again, absolutely. But I don't believe for one minute that it was as simple as that. Not when it meant the difference between getting their own a home or not. Do you really think that if someone dangles an carrot in front of a horse's eyes, that the horse won't do anything to get it? Well, it's the same thing for borrowers, offer them a golden opportunity and they'll jump on it. It's just like in the cartoons; you could see the dollar signs light up in their eyes.

And just where were the government regulators while all this was going on? It's not like they don't review almost everything that occurs in the lending industry already. They do. The question is why they didn't react sooner? Or did they? Did their concerns fall on deaf ears? Did the overseers turn a blind eye because of pressures from politicians and lobbyists of all stripes? Those are all questions we'll probably never know the real answers to. Suffice it to say they didn't do their jobs. If they had, the situation would have come to light much sooner than it did.

So, go ahead all of you who feel the need to play the blame Bush/Investor game for trying to do something that will help. It won't solve anything, but I guess if it makes "you" feel better, so be it. Quite frankly, I don't see how it will help the situation any more than what little you say the rate freeze program will help all those poor borrowers who didn't know what they were getting into. The rest of us will take anything we can get to help fix the ailing mortgage and housing industries, because until we do get them straightened out, we understand the entire economy of this country will continue to suffer.

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: