Mortgage Crisis

Wow!  The news has been full of the nausea of the mortgage crisis for over four years.  Day after day we are deluged with more exposure to the criminal behaviors  of the loan officers, banks, and mortgage brokers who caused the forclosure and short sale epidemic in America.   The newspapers, blogers, and politicians have gotten more talking head mileage out of the mortgage crisis than Jay Leno gets out of his fat jaw!  And…there is no end in sight.

The behaviors that caused the mortgage crisis, and the people who committed the lunacies that caused the mortgage crisis are the very same people we are now employing to fix the mortgage crisis.  That’s the same as asking Bernie Madoff and his team to fix the shady behaviors on Wall Street.  (and, by they way, the same thing is happening over there)

Why?  Because the people who have been in the mortgage business for years are the only people who understand their own ridiculous process enough to be able to work on the problem loans and so it falls to the same folks who robbed America blind to fix the problems they created by lending us into America’s current mortgage crisis.  Most certainly the perpetrators have moved from one bank to another, or having being fired from one mortgage company to be hired at another, but almost everyone who was there for the party is still there picking up the remaining party favors.

The banks have become more powerful because only the banks have enough money to lend and now the banks, like bannana dictators, set the rules, the time tables, and the criteria for borrowing and lending.  Oh, they say it’s coming from the Fed, but the Fed wouldn’t know how to underwrite a conforming loan, let alone a jumbo loan, if their life depended on it.  God help you if you own multiple properties, even if they are profitable, because unless you’re Donald Trump  you cannot get another investment property loan, or refinance yourself into a better position on your investment properties.  It won’t happen!  The powerful profit every time another homeowner goes down. The house is resold and a new loan is made generally by the same four or five banks.

God help you if you are in a hurry, or if you actually need the money, or if you could lower your payment but you house won’t appraise.  The loan you are asking for won’t happen.  The cookie cutter is at work and you better fit the pattern. You better be a good cookie!

All this said there is a great opportunity for salespersons in all this adversity. For a salesperson, with strong character credentials and strong sales skills, being new to the mortgage business, and selling mortgages is the greatest career opportunity for salespeople in America.  The industry is looking to rollover the tired and used up batch of existing loan officers who helped create, and have been torn to shreds, by the current mortgage crisis.  If you have the sales skills and the financial understanding of real estate and employment compensation, there are great careers to be had in the mortgage business available right now.  The banks want new, intelligent, and “clean” salespeople to lead the next generation of lending.  Don’t forget to Ask Dr. Billy about how to get yourself into the mortgage business today!