I was speaking with a mortgage loan officer today about the short sale, foreclosure, and mortgage "crisis" and his point of view was so interesting, I got him to put it in writing so I could share it. Here it goes:
FANNIE MAE AND FREDIE MAC TAKE OVER:
"The government is spending our dollars again"
"The mortgage companies have caused this debacle"
"The loan officer is a cheat and thief"
"My Realtor made me do it"
"It wasn’t explained to me"
"ITS NOT MY FAULT"-----------BALONEY
Lets put the blame where it truly belongs. It was and is the general public who is at fault. More specifically all those poor little folks who are having their homes taken from them because they can’t make their payments because they bought more than they should have, never paid their bills on time and want to have everything handed to them on a silver platter. SORRY you have been screwed blued and tattooed. In other words you deserve what you got or are getting. Grow up. Learn to pay your bills on time; learn to be honest about how much income you make, disclose the proper income on your tax returns... In my 20 years I have never seen more people think they deserve to have a home and therefore it should be handed to them. How any times have you wondered how your friend who has all the expensive toys yet works with so you know what they make, yet they can buy the 500,000 home. Guess what they don’t have that home now do they. And guess again who is paying for it one way or the other. That’s right, YOU ARE. Whose fault is it? Not mine. It comes down to Greed. Greed of the homeowner for wanting the mansion, GREED of the Realtor for wanting the commission, GREED of the loan officer for making the sub prime loan for the commission, Greed of the investors you wanted more income and GREED of the bond traders that gave the loan officers the guidelines.
I may sound harsh and unfeeling, it some ways I am, but in others I want to show the compassion to the hard working folks that have worked for what they have and take pride in that. Those hardworking folks that are having there homes taken because of the dishonesty of others should be helped, those people that are having there homes taken due to a loss of job or medical reasons should be helped, but the greedy home owners, they have gotten what they deserve.
Leonard Winslow, Mortgage Loan Officer
Gateway Bank Mortgage, INC.
Wow, those are some powerful words. Let us know what you think by posting comments!
Charlottesville Real Estate
Forest Lakes Real Estate
Charlottesville Real Estate Blog