| Yancy Martin 2008-02-15, 5:25 pm |
| Ok, the question in my mind is. Why is it that the real estate market
or, better yet the
"brokers" allow young people to solicit real estate loans and
transactions? I know that
there are rules, but trust me I know that most have you have seen this
rule get broken in
many cases. Wow, In my case i was unable to join this market until I
was licensed to do so.
When the market came to a halt and everybody started panicking because
the subprime market
fell, I was preparing myself to get things done the right way. All
these young people were
just trying to make money quick, not worrying about building a
successful business. They all
bought expensive cars and expensive clothing, now most of them are
back barely able to make
the bills and are now working a 9 to 5 job. Also this all hit brokers
that were focused on
running "sweat shops" where teenagers were running the office and the
branch manager is the
only one with the license.
Hmmm? That brings up a couple of questions. Some people ask why is
the market so bad? or,
Why are all these people losing their homes? Well remember most of the
un educated people
selling these loans sold the loan that paid the most yield spread.
HMMM I wonder what loan
that was, oh wait I remember the "Option Arm Loan". Me and my
colleagues saw this horrible
loan and wished it would disappear for we knew what it would do to
people and their
livelihood. Supposed "Loan Officers" and Real Estate agents teamed up
to offer this loan.
They were using quotes like "Buy a $500k house with a payment of
$1,500 a month!!!" Oh but
we won't show you the fine print that says: "After three years you
will not be able to
afford this house and you're going to lose it, As well as ruin your
credit".
I'm happy the way the market has gone because it leaves only the best
of us, as well as the
successful.
Yancy Martin
Real Estate Finance
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