What isn't said in the news is the fact that nobody put a gun to the head of all those folks who decided that they HAD to buy that expensive house and roll in their credit card debt into the same loan (110% + loan). They made their own bed, so they need to lie in it. I know that sounds harsh, but as a taxpayer, I'm tired of paying for someone else's bad decisions and there needs to be an end to it.
There has been a long time racket that involves the circle of realtors, mortgage brokers (don't confuse them with bankers -- totally different animal), and appraisers. Brokers aren't regulated by FDIC, OCC, or state bank commissions. They're the unregulated used car dealers of the home loan world and operate off commissions just like the used car dealers (and realtors). Here's the skinny: Realtors refer their customers to their "recommended" mortgage broker and the broker uses his "special" appraiser who will make that house appraise for whatever it needs to appraise for in order to make the deal go through. Do you smell the kickback $? Everyone in the real estate and financial world knows that this has been going on, but NOTHING has been done to correct the problem or to hold accountable those who are involved. As a result of this racket, we end up with overinflated real estate values (here comes the tax man). This has gone on for years and, as history will prove, the bottom will eventually fall out and someone ends up holding the bag. Hopefully the taxpayers don't get stuck with the bill again.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
... [Read Article]
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