Beaverton Oregon Real Estate and More: Who is doing the predatory lending? Big banks of course and here we go again! - By Todd Clark
A 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 wreck
you 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!
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739
©2009 Todd Clark - Beaverton Oregon Real Estate and More: Who is doing the predatory lending? Big banks of course and here we go again!
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Todd, I was just watching a video about this sort of thing. http://www.thinkbigworksmall.com/mypage/player/tbws/12733/1096727
Todd
The loss of trust that is in big banks is exuberant, and their creditability leaves a lot to be desired.
We are mere pawns in this business anymore. The bank lobbyists are doing a great job. Has anyone heard from the NAR lobbyists?
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.
I'm sure someone had a good intention when they passed this bill but like so many they don't think about the consequences.
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
TC,
Don't you wish they would listen to us...!!! Thanks, Fran
Seriously, do they not talk to those involved before making big decisions that could affect them? Aren't there advisers that are smart anymore?
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.
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.
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F
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
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!