Liars Loans they called them whereby you got to State Your Own income. These loans were Perfect for many consumers who could NOT otherwise afford a home. the Problem was they were Fraud but over looked on PURPOSE.
Sellers Contributions Contributed to FALSE Data in the MLS, Sellers Contribution was NOT consistently taken into affect in appraisals, in My Opinion. How could they be really, they were not really disclosed in the MLS, and NO ONE looks at the settlement statement to make sure everything is accurate. That would be asking to much of the VOICE OF REAL ESTATE.
So a Sellers contribution of vary money, and sometimes big money would mean that the purchase price was actually lower. This contributed HUGELY to overinflated real estate. Who cares, the Buyer got in, The Realtor got paid, the Seller got their money. So what is the Big Deal?
Well down the road, collapse was inevitable and pretty much easily predictable. NAR - and Big Lenders had to know what was going on but they all pushed consumers and when folks lose everything and markets collapse then NAR - the Voice of Real Estate Comes in as the Hero to "work with Congress" to "lobby" and get those loans back into action whatever it takes. NAR was at the HELM of the Real Estate ship... they are The Self Appointed VOICE of Real Estate (which that Title- trademark- SHOULD be Stripped) this VOICE consumers listened to, markets listened to and when it all came tumbling down, oh well we were wrong.
and They were not there to help you. then comes Short Sales and Foreclosure experts. Otherwise known as the same NAR members that told you to BUY..
BULL - you Flat Out lied, you could see what was coming, YOU were creating it and the Lenders went right along with it, they made Billions upon Billions of Your Debt which was their asset and they leveraged for larger investments. You cannot keep falsely inflating and never expect a collapse... they new.. and yet this Voice of Real Estate is back at advising YOU and YOUR government again.
Sellers Contribution were ALWAYS downright fraud and consumer lies... they made it so someone could afford a home when they could not afford a home, and when they lost the home oh well... we Can Help you With That Too.
Seller Contribution - Liars Loans, otherwise called stated income loans were all creating a false house of cards but money was falling everywhere and no one cared. YOU need to Blame NAR, to NOT let lenders, mortgage brokers and Realtors do this AGAIN as if they were not part of all this in the first place. Sellers Contributions are a Flat Lie. They create totally inaccurate SOLD Data and were allowed over and over with VERY big contributions.
One more NOTE on Stated Income Loans, Guess What, they work VERY good for someone who has a whole lot of right offs, special tax breaks, hides income VERY well and cannot really SHOW how much they make though they make that and more.... these are the Realtors. Stated Income Loans are - were Awesome for the Realtors themselves.
And NAR attorneys told me that Buyers Rebates were Illegal all the While all this Chaos, Fraud, and Anti-Consumer Data and Financing was happening... you were fleeced Real Estate Consumers..
DO NOT listen to NAR as the rise to the Top of this Economic Collapse as Housing Heros - the Voice of Real Estate To the Rescue... NAR is a Fraud. They Lobby for What Benefits them and Not you.
If NAR was really interested in you, the consumer they would TRY at least to hold Realtors accountable for lies, fraud, and non-disclosure. NAR Needs to hold Realtors accountable for the Ethics and Standards of Practice they claim the are All about as Realtors.
NAR should be making, creating, enforcing, working with congress, lobbying on issues such as the REAL world of real estate at the Local Level where hard working people are losing everything at the hands of a Realtor and NO ONE is listening. NAR should Sit Down and SHUT up.. with their Yapping to Congress and Pushing THEIR agenda on Your government to benefit their pocketbook. They need to ENFORCE what they already have in Place. They NEED to be what they already PRETEND they are instead of worrying about working with congress to ensure that REALTORS stay in Business.
Crystal Cox Broker
Real Estate Industry Insider
r
0 Click Here to Read and Post Comments:
Post a Comment