One thought on “The ‘Mortgage Man’ Has One More Closing Left”
Funny, maybe. Sad really. I have no idea who the “mortgage man” was, but he was an entrepreneur who gambled and failed, partially because of the new laws that unfairly gives banks an advantage over brokers. Did you know that in the old days, about 60% of loans were delivered by brokers? The banks, infused with govt capital(which is OUR tax dollars) has created an unfairly advantaged playing field. Guess what, less competition and a more INEFFICIENT delivery system will result in higher prices and less options for consumers. The broker has and will deliver what the “street” or bank has said they will buy. The buyer creates the mortgage product and terms-not the broker. The sad part is that the broker has been blamed for the mess, when they were just the messenger. Sure, there were bad brokers. But, there are a lot of great people who are now out of work and their families too are are affected due to this housing mess, yet whoever talks about them-no one.
Funny, maybe. Sad really. I have no idea who the “mortgage man” was, but he was an entrepreneur who gambled and failed, partially because of the new laws that unfairly gives banks an advantage over brokers. Did you know that in the old days, about 60% of loans were delivered by brokers? The banks, infused with govt capital(which is OUR tax dollars) has created an unfairly advantaged playing field. Guess what, less competition and a more INEFFICIENT delivery system will result in higher prices and less options for consumers. The broker has and will deliver what the “street” or bank has said they will buy. The buyer creates the mortgage product and terms-not the broker. The sad part is that the broker has been blamed for the mess, when they were just the messenger. Sure, there were bad brokers. But, there are a lot of great people who are now out of work and their families too are are affected due to this housing mess, yet whoever talks about them-no one.