Apr 30, 2009

You Asked For It!

Consumers have cried out and their prayers have been answered!

Bad loans made by bad people in an effort to rob honest, hardworking Americans.

Save us President Obama, save us!

We need more laws to protect us honest folk.


Congratualtions, prayers have been answered. Realtors, mortgage companies, appraisers are all being more scrupulously evaluated than ever before. There are more laws and you're real estate documents are longer than ever. Your appraisal is more involved and costs more than ever. Today, there are hundreds of dollars in additional fees to be paid by you, the hardworking American consumer.

The irony is mind boggling.

Wall Street drives these markets, not Congress. When lending standards dipped so low that they were no longer profitable, lending stopped dead in its tracks. It's been dead for quite some time now.

Wall Street realizes that these loans are a poor risk, so they've closed their doors to the underqualified. If you want to go subprime in today's market, you'll have to go FHA.