Why America needs a “mortgage czar”?

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Congress calls for “mortgage czar” by Alister Bull and Mike Peacock Wed, October 3, 4:38 ETWashington clock / LONDON (Reuters) – Parliament on Wednesday called a “mortgage czar” to help cope with an expected wave of seizures of U.S. housing crisis, but Alan Greenspan said the credit crisis was over, the last thing America needs is Schlimmste.Das join the Congress in the housing market. The majority of the problem would be created by lenders who will qualify individuals knowingly allowed under credit or people that are not always able to apply for a loan or buying a house to a adjustable rate mortgage. People who support them are now calling for the American taxpayer to finance and bail out the millions of people who were financially unstable and unqualified, in the first place. I am not against the Americans to have a house. But I am absolutely against the financing of federal authority for millions of people that did not have to pay for qualifying.

  1. Reply
    April 29, 2011 at 11:02 pm

    Americans seem to think that appointing a “czar” to oversee a problem will solve it. How long has the United States had a drug czar ? It is a totally useless political gesture.

  2. Reply
    anthon g
    April 30, 2011 at 12:00 am

    As a mortgage broker, I will tell you that Congress is getting involved for political reasons…NOT for the best of the American people. The truth is that irresponsible mortgage brokers (and there were many BUT not ALL of us) referred bad mortgage applicants to banks who would later foreclose. Now, adjustable rate mortgages is not a bad product. You are talking about those ARM with the 1% interest rate for 6-months before it turns into a 7.8%. No, I’m talking about Hybrid-ARMS…these are good loans for CERTAIN people that intend to live in their homes for a short period of time (range from 2-10 years) and don’t want to pay alot in interest.

    Now, what should happen is that lender’s should stop providing stated income programs for salaried employs. Congress should also regulate REALTORS as well. Why realtors….well because I can’t tell you how often a realtor comes up to me with an unqualified prospective home-buyer (and the realtor knows this most of the time) AND when I cannot “do the loan” for this individual they then tell me “I will go with someone who can.”

    What this means is that they will go with someone who will commit fraud. As you can see, this causes mortgage brokers to do unethical things to stay in business. Remember, WE GET MOST OF OUR BUSINESS THROUGH THE REALTOR . Thus this makes it hard for ethical brokers to stay in business because realtors are only thinking about how fast they can sell the house and to have a reputation for quick sells. It’s a sad part of the equation NO ONE TALKS ABOUT.

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