Saturday, April 11, 2009


Mortgage brokers are largely responsible for where our economy is today. The mortgage broker industry followed the "everyone is entitled to own a home no matter what their income" crowd. The New York Times has an opinion article entitled Predatory Broker which hits the mark on what I experienced working in the legal field. Real Estate sales people and appraisers also had their hands in the pie. Inflate the values, get the lending and pocket your prize.

Mortgage brokers are supposed to be impartial advocates who search out the best possible deal for prospective homeowners seeking a loan. The mortgage crisis has revealed a different truth. Too many brokers were far more interested in earning fat fees for steering their clients to ruinously priced loans that the borrowers could never hope to repay.

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