NAR (aka NAREC) members were sooooo very happy to make commissions off of people who couldn't afford homes and mortgages (aka "the last suckers in), with their members recommending "toxic loans" these past few years to get people into financial death-traps.
And the corrupt David Lereah did such a nice job cashing in with his book while telling people that real estate never went down and BUY NOW OR FOREVER BE PRICED OUT OF THE MARKET!
NAR/NAREC members did a great job steering suckers (for a nice kickback) to their buddies, the commission-hungry mortgage brokers, who out of the goodness of his heart could put them into a no-down, no-doc, negative-am loan so the payment would be just so perfect!
Of course, the mark couldn't afford the house and the loan in the end, and now 20% of them will go foreclosure, but that didn't deter the NAR/NAREC human scum. No way!!! They made their big commissions!
Now dear readers, the NAR/NAREC is saying they're "concerned" about the soaring foreclosure rate. Yeah, right.
The National Association of Realtors said it is concerned over the rising rate of defaults and foreclosures occurring in many areas around the country, and many realtors believe that some families don’t understand the risks of taking out “exotic” mortgages.
In a conference call yesterday with the Center for Responsible Lending and the Leadership Conference on Civil Rights, NAR President Pat Vredevoogd Combs urged consumers to make sure they understand the risks and rewards of all types of mortgages before they make a decision on a loan. She also advised consumers to consult with a realtor and to participate in mortgage education programs sponsored by realtors before they buy a home.
“We are committed to helping people buy – and keep – the home of their dreams, and an educated consumer really can make the best decision,” said Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt.
“Realtors help Americans achieve the dream of homeownership. We work to ensure that homebuyers have access to the proper information so they can fulfill their homeownership goals.”
December 21, 2006
Posted by blogger at 12/21/2006