December 21, 2006

Am I the only one disgusted with the National Association of Real Estate ClerksTM (NAREC)?


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.”

15 comments:

Anonymous said...

Used House Salesmen, er I mean Salespersons!

Ozzie Tim said...

G'day

Ozzie Tim here.

I think the reason the property brokers are concerned is because at an American Trustee Sale there is no property broker involved. That takes 6% out of their pockets.

Hooroo. Ozzie Tim

Anonymous said...

This is like those Phillip Morris public service commercials advocating against smoking.

Anonymous said...

Article says 1 in 5 borrowers are at risk for foreclosure. Doesn't mean 1 in 5 will foreclose. But don't let that stand in the way of a good
20% OF LOANS FORECLOSED headline.

George W. Groovy said...

Telling people that real estate agents look after their own self-interest is a bit like saying professional wrestling is fixed. If people have been conned into buying houses they couldn't afford, they did so willingly and will have to accept the consequences of their decisions.

Personally, I've never met a salesperson, who was worth a damn that wasn't also a greedy, moneygrubbing, self-obsessed narciscist.

If you let them, they will screw you every time. It's their nature. They just can't help themselves.

mcarleton said...

I think a big part of the problem is
that buyer's realtor often does a poor
job of informing the buyer of realtor's fiduciary responsibility to
the seller. Because the seller pays
both the his and the buyer's agents,
the buyer's agent is bound to look
out for the seller's interests. If
more buyers knew this, they would
be less willing to take "Suzan researched it" as and answer and
would look out for their own interestes.

Anonymous said...

The whole concept of a "buyer's agent" is fucked up. A buyer's agent makes money depending on how much of a house the buyer buys. More expensive house, more money for "buyer's agent". So it will always be in the interest of a buyer's agent to have his/her buyer buy as much house as possible, regardless of whether they can afford it or not, or even if the house is a good buy in general.

Make it a fixed fee system. This was the $45K a year buyer won't be pushed to buy the $600,000 house by the supposedly looking out for the buyer's interest, "buyer's agent".

Anonymous said...

Feb '07 huh? I'll mark my calendar...any specific day, maybe the 14th, a nice V-day present perhaps for the mrs, a bag full of Euros?

"Look for the sell off of USD by China (into Oil?)to begin very quietly in Feb of 07."

holy smokes said...

While looking for a home in Seattle, I "tried out" 5 different realtors. FOUR of them encouraged me to go higher in price than what my stated limit was.

If that isn't encouraging people to go under, I don't know what is.

And they did it with smiles on their faces.

And, of course, they each had a certain recommended broker I could go to to "help" me get the loan. Blech.

Anonymous said...

When I sold my first house sometime last century the realtor told me that it was worth 100K less than I was willing to list for. We listed at my price and it sold in one day. From that day on I knew what I was dealing with. I have no problem paying someone a darn respectable wage for their time and experience. I do have a problem with a liar, cheat, and a thief. This is all amplified by the importance of the transaction. A real estate transaction represents the base necessity of shelter and is the most important transaction of many people’s lives. Much of what is happening is fraud. SEND THEM TO PRISON!

Anonymous said...

I have never had a realtor do right by me . I just knew they were snakes and I needed the MLS to sell my house . I did my homework to get the right selling price .
All the friends they deal with that they turn you on to are creeps also . Its all designed to close the deal ,get the kick-back and take the money and run . The sub-prime morgage scum is just as bad .
The whole entire RE industry has become so corrupt . They wait for the NAR talking points on how to con your fellow man .
The RE industry can go to hell for what they did with their buddy sub-prime lenders to dumb people .

Llamafornia said...

"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.”

That is an awesome statement.

I just had a religious experience. From now on, I'm going to be bounce-stepping my way through life, laughing at the wind and dancing with the trees. Everywhere I look, people waiting to help me achieve my dreams.

There! A man dedicated to helping me fulfill my goal of a new car. And another willing to provide the proper information so I can buy that new fishing boat. On every corner, bus stop, and bathroom wall I find altruists offering to help me.

The world truly is a wonderful place.

dwr said...

"Article says 1 in 5 borrowers are at risk for foreclosure. Doesn't mean 1 in 5 will foreclose. But don't let that stand in the way of a good 20% OF LOANS FORECLOSED headline."

Dear anon,
Sometimes you need to actually read the article, not just the headlines.



"It also said more than 19 percent — or nearly one in five — subprime mortgages originated in the past two years would end in foreclosure."

melloman said...

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gcmmello said...

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