LAist: Countrywide is Just Part of the Mortgage Problem...

billeater

Sun, 12 Oct 2008 13:24:06 -0800

What you are describing around the two agents, neither of them really representing the buyer is true. Since they both get paid on a percentage basis, each is incented for you to buy quickly, and to spend as much money as possible. On the larger picture of the "bad loan" scenario, pretty similar trend. The people deciding who gets what loan at what amount are not the same people who will bear the risk of that loan. Hopefully enough fat cats lost their shirts on this mess that we'll get better rules. Bill@Saving Money

jrb

Mon, 30 Jun 2008 07:36:31 -0800

" ...the real estate policies of California State do not protect mortgage consumers from an industry that thrives on the commissions and fees of realtors, mortgage professionals, bank lenders, and escrow companies. " Let me guess. Was this another one of those "we can trust the industry to police themselves" brain farts?

landmark78

Sun, 29 Jun 2008 17:13:34 -0800

"The system is broken. You've got 2 salespeople, both of whom want to make a sale". "It's laughable to believe the "your" agent is looking out for you. He/She stands to pocket a 5 figure commission if he can ram through the sale. There needs to be SOMEONE in the process who is an advocate for the buyer" I couldn't agree more, back door deals are being done all the time among realtors and there no way of really proving it. The system of buying property through realtors will be changing very soon, it's a corrupt monopoly.

landmark78

Sun, 29 Jun 2008 16:56:05 -0800

I just can’t see how traditional brick and mortar brokers are going to be able to compete with sites like zillow, trulia and reozom when this is all said and done. Especially considering a lot of homeowners simply don’t have the equity to cover the relatively high commission that traditional brokers charge. Traditional full service brokers; your days are numbered, please prove me wrong, but I can’t see property values going up anytime soon. Any other thoughts on this matter?

tomw8s

Sun, 29 Jun 2008 16:46:36 -0800

This is right on. The system is broken. You've got 2 salespeople, both of whom want to make a sale. It's laughable to believe the "your" agent is looking out for you. He/She stands to pocket a 5 figure commission if he can ram through the sale. There needs to be SOMEONE in the process who is an advocate for the buyer.

ezfinn

Sun, 29 Jun 2008 15:46:42 -0800

I know this is a broken record, but seriously, you borrowed money and bought a house and don't know what your fiscal responsibilities are? It's one thing to have been defrauded, but it's another matter entirely when you just don't know. If you have enough money to buy a house, you (theoretically) should have enough money to have a lawyer look over the terms of your agreement. And if you don't, you should not be buying that house.