Who's to Blame?

I have to say that I am totally and utterly sick and tired of bullshit emails reaching my inbox about the economy. I mean really, we see enough of the gloom and doom each night on the local news and then top it off with a sugary version from Brian Williams. I love our country for all of the greatness she possesses along with her weaknesses, this is what American culture is all about.

However! I have to say that I am so sick and tired of our new president and the poor folks (such as myself) who work in the mortgage industry continue to take the blame for the current state of the economy, union, and world.

Yes, I am in the mortgage industry. By trade. My educational background is business and finance, however, you can make a mean living on commission and live larger than most doctors or lawyers. Funny thing the mortgage industry. We have been called greedy bastards, we forced SOOO many of these poor souls who have lost their homes into to terrible loans, we might as well be the devil's advocate. For a moment, lets pretend that the mortgage crisis did not happen. Then what? We still have greedy bastards who want to buy more house than they can afford. I mean truly this is the case. I live in one of the hardest hit areas in the country, I am at ground zero and I watched folks grasp, steal, lie, pillage, and damn near thieve their ways into these homes and loans. In the mortgage industry I helped folks refinance their homes, purchase homes, and extend lines on their homes. But I refuse to be blamed as the sole contributor to the state of things.

My job and duty as a personal loan consultant is to advise my clients about their finances, the future of their finances, and tell them what they can and cannot afford based on lending guidelines. I lost many loans this way. Fine by me is what I can say. i can say that I did not put folks into stupid loans unless they insisted and I basically informed them of the inherent risks and would do what any professional would do......tell them they are going against sound advice. Just as if you were a patient seeing a physician and decided to go AMA (Against Medical Advice). Don't get me wrong....there are some really shady MoFo's out there that conned someones aunt, uncle, sister, mother, brother, father, who ever into a crap loan that defaulted....however, everyone has a choice. The choice to sign the documents at closing, the choice to not sign documents at closing, or rescind the loan altogether. Which means they void the loan within the three day grace period allowed on all refinance loans.

I think another big beef is the carry over of blame....lets blame Obama. I mean really???!! Where were you guys the last eight years? I remember in 2004 the Fed was putting the stops on interest rates because they foresaw these events, economists saw as the bubble was growing like a monster, the economy was doomed. I think the only ones to really blame are ourselves....for wanting too much, for nothing (Yes I had morons calling me for 4% loans with no money down....sorry that ship has sailed), and blaming everyone else but ourselves. This goes for the corporate heads who also reaped the rewards and were so sinfully blind with greed they too are now paying.

That's my rant for the day....I just had to share....especially because I am on the front lines helping folks reorganize their mortgages and helping folks to still buy homes...the old fashioned way.