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Mortgage Brokers Have Trouble... Paying Mortgage
The Washington Post published quite an interesting story a few days back for those of you who missed it. It turns out that the Mortgage Brokers Association is having trouble paying its mortgage!
This is, of course, just a particularly glaring example of how much the industry has suffered from its own excesses. With the exception of a handful of top managers in the financial sector who have made out pretty nicely with exorbitant severance packages, a whole lot of bankers and brokers and real estate agents are suffering from unemployment and otherwise right now. It's too bad the industry spent so long 1) taking risks; and 2) pushing back on regulation.
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Karma's a bitch, ain't it?
Now for how to have the super wealthy suffer from their plundering.
April 10, 2008 9:18 AM | Reply | Permalink
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December 21, 2010 10:29 AM | Reply | Permalink
My Realtor(tm) from 4 years ago is now a waitress at Jimmy Buffet's Margaritaville. It's unimaginably hard to fight off the schadenfreude because all she did was sit in the builder's office and sponge up buyers like us, who walked in without a Realtor(tm). She did more work fetching our drinks than she ever did during our home purchase.
Only it's not that funny, because our homeowners' association, whose ostensible purpose is to protect my property value, was conceived by the builder who clearly never imagined that every tenth house would be abandoned.
These abandoned properties do far more to drag down property values than the height of my neighbor's swing set or the color of our crushed granite, but the HOA is powerless. Instead, they dutifully bust my balls for parking on the street, while the abandoned houses grow weeds taller than my legitimate plants.
I still think it's hilarious that the word Realtor is trademarked. Another margarita, please.
April 10, 2008 1:03 PM | Reply | Permalink
what exactly is hilarious about "Realtor" being trademarked??
is it also "hilarious" that non-union shops can't label their products "union made"??
maybe you should lay off the margaritas.
April 10, 2008 9:59 PM | Reply | Permalink
Thanks for such an interesting article. I have found it only now. Mortgage brokers can't pay their own mortgage huh. I remember reading the similar story not so much time ago about Arkansas loan lenders who can't pay off their own loans. However you are absolutely right telling that this industry was suffering in 2008, but it is also suffering right now. Maybe things are going better at the moment but there is much work left to do in the future too. Let's just hope that the situation will go better and we will be able to forget about that unfortunate world wide financial crisis. thanks for the article one more time.
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