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Spin off of the Obama Mortgage question..

What will be our next option?

http://viigo.im/2rPG

They have already tightened the vise on the industy to a point it is choking many small brokers, RE Agents, and lenders out. Several in my small town alone have closed up?

 
mamakirs

Asked by mamakirs at 3:09 PM on Feb. 16, 2010 in Politics & Current Events

Level 14 (1,495 Credits)
This question is closed.
Answers (5)
  • The thing about the real estate industry too is that they many in this field do NOT get marked in the "unemployment" figures since they are self employed. Many don't qualify for benefits, etc...
    grlygrlz2

    Answer by grlygrlz2 at 4:11 PM on Feb. 16, 2010

  • A friend of mine owns a mortgage broker firm. She is doing well, but says many of her competitors are closing shop. Real estate agents are really hurting too.
    mancosmomma

    Answer by mancosmomma at 3:23 PM on Feb. 16, 2010

  • I am co owner/co broker of a mortgage brokerage firm....we are staying afloat however it is touch and go from month to month. We have had serveral other firms finally give in a blow away....Larger RE firms have also closed up around here. i tjust hrts my heart. We are in a rather insultated area too boot so the fact that it is this rough here...*sighs* makes my heart break for all the other cities...

    Now the mods are projected to re default?
    mamakirs

    Answer by mamakirs at 3:53 PM on Feb. 16, 2010

  • In some respects, there were too MANY mortgage brokers, though. I took the real estate exam back in 2004. There were 1800 people in the room! When I did the crash course for the exam, most of the people in my class were planning to go into mortgages rather than real estate sales.

    I don't want to see anyone squeezed out by unfair regulations, just make sure everything makes sense and then let regular competition trim the tree.
    gdiamante

    Answer by gdiamante at 4:14 PM on Feb. 16, 2010

  • IF they would enforce the rules and regulations that were already IN place......we would be much better off...

    Is there going to be another bail out when all of the modification go into default again? Where is it going to stop and what is it going to do to the already fragile economy...and huge deficit?
    mamakirs

    Answer by mamakirs at 6:14 PM on Feb. 16, 2010

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