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Beaverton Oregon Real Estate and More: Who is doing the predatory lending? Big banks of course and here we go again!


Banks in your back pocketA couple weeks ago I wrote an article titled, “Predatory lending is now even easier and banks are taking full advantage” and as if that wasn’t enough, “Big Banks” are at it again. Once again the government just sits back, hears the sob stories, and passes new laws to help protect consumers because the “Big Banks” said it would help!

The latest in a series of “We are the Government, and we are here to help” laws that have made it even worse for the consumers they are trying to protect is the new soon to be enacted “Truth in Lending” guidelines. They say that if you transfer the loan to get a lower rate for the consumer, you have to wait 7 days to close.

This makes it very hard for the consumer, who has deadlines to close, and the seller may not be able to, or willing to, extend! So, basically, the buyer will be stuck with a higher interest rate on their loan because they can’t wait the time set forth in the new guidelines or they may lose the house they are trying to close on.

Please, Please, Congressman, Senators, please stop passing laws before talking to the people who have to deal with these laws and guidelines you are passing. You may find that despite not having a law degree, we have real world experience and can tell you the train wreckyou are about to pass when you vote on something you either didn’t read or didn’t understand because you have never sold real estate.

I understand your need to want to help protect the consumer, but every time you have passed something lately, it has had the exact opposite affect on the consumer. Maybe try letting the market place fix the problem and see what happens then! 

Respect Realty LLC (Expect More)


At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.


Reach out today, we look forward to talking with you!


Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)



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Comment balloon 12 commentsRespect Realty LLC • July 23 2009 11:26AM


Todd, I was just watching a video about this sort of thing.

Posted by Heather Fitzgerald, REALTOR Greenwood Indiana Real Estate (REALTY WORLD-Harbert Company, Inc.) over 10 years ago


The loss of trust that is in big banks is exuberant, and their creditability leaves a lot to be desired.

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 10 years ago

We are mere pawns in this business anymore. The bank lobbyists are doing a great job. Has anyone heard from the NAR lobbyists?

Posted by Paul S. Henderson, REALTOR®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 10 years ago

Todd --- if only the government would listen to those of us who are in the real world ---------oh, well, it would be nice----but never gonna happen.

Mama Liz's Signature

Posted by Liz Loadholt, Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC (Liz Loadholt- AgentOwned Realty- Covering SC) over 10 years ago

I'm sure someone had a good intention when they passed this bill but like so many they don't think about the consequences.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

The only way I know how to get my message to my representatives is to be diligent in contacting them. I exercise this right when I feel it necessary. It does make a difference

Posted by Claude Cross, Charlotte NC Homes For Sale (Homes By Cross, Inc. ) over 10 years ago


Don't you wish they would listen to us...!!! Thanks,   Fran

Posted by Fran Gaspari, "The Title Man" - Title Insurance - PA & NJ (Patriot Land Transfer, Inc.) over 10 years ago

Seriously, do they not talk to those involved before making big decisions that could affect them?  Aren't there advisers that are smart anymore?

Posted by Angelia Garcia (Pure Realtors) over 10 years ago

 I'm not sure the government realizes what they are doing, since they don't actually read the bills before they vote on them anyway. (The admit that themselves) The key is for everyone to vote out those who refuse to read the bills before they vote on them! If they can't do their job, then they shouldn't be in office.

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 10 years ago

Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about: 
Scott Veerkamp / Predatory Lending  (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages.  These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."

The Center for Responsible Lending says YSP "steals equity from struggling families."   
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000.  4. Clearly, this type of lending represents a major ripoff for consumers.

Posted by jmb27 almost 10 years ago

Todd- Not only they don't read them, most have never had to make it in the real world, most have never owed a business. How can they relate? Now even worse is the new subprime pushing, FHA is now the new subprime lending and they also don't want realtors involved- just watch- look and see- Katerina

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) over 9 years ago

Todd, why don't they do focus groups like they do when they are campaigning? It's just one more reason why I am a proponent of term limits for Congress, so we have people who haven't lost touch with the real world. Then they might actualy read the bills before they vote!

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 9 years ago

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