What isn't said in the news is the fact that nobody put a gun to the head of all those folks who decided that they HAD to buy that expensive house and roll in their credit card debt into the same loan (110% + loan). They made their own bed, so they need to lie in it. I know that sounds harsh, but as a taxpayer, I'm tired of paying for someone else's bad decisions and there needs to be an end to it.
There has been a long time racket that involves the circle of realtors, mortgage brokers (don't confuse them with bankers -- totally different animal), and appraisers. Brokers aren't regulated by FDIC, OCC, or state bank commissions. They're the unregulated used car dealers of the home loan world and operate off commissions just like the used car dealers (and realtors). Here's the skinny: Realtors refer their customers to their "recommended" mortgage broker and the broker uses his "special" appraiser who will make that house appraise for whatever it needs to appraise for in order to make the deal go through. Do you smell the kickback $? Everyone in the real estate and financial world knows that this has been going on, but NOTHING has been done to correct the problem or to hold accountable those who are involved. As a result of this racket, we end up with overinflated real estate values (here comes the tax man). This has gone on for years and, as history will prove, the bottom will eventually fall out and someone ends up holding the bag. Hopefully the taxpayers don't get stuck with the bill again.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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