Smalltownbanker

Housing Market Tracker - Home Sales/Price Review

Jordan obviously has a bone to pick with a builder. Torte reform had nothing to do with builders owning their own mortgage companies and the builder owning the mortgage company does not create fraud. Fraud is commited by people with no ethics and the proliferation of fraud resulted from decades of having it ignored by law enforcement.

Irrational exuberance has brought us to where we are. In this Nation we enjoy the freedom to make mistakes. We have what is referred to as personal responsibility. In recent years individuals like Jordan Fogal have abdicated that responsibility to the Federal Government and they are paying the price.

No one was forced to buy a home they could not afford. No one was forced to take out a sub-prime mortgage which would destroy them financially. My father taught me as a youth not to sign anything that I had not read or did not understand. I am so tired of the blame game regarding the foolish actions taken by individuals. The next two years will be ugly in the housing market.

Look on the bright side. When it is all said and done there will be 1/3 fewer Realtors, 1/3 fewer mortgage originators, fewer attorneys practicing Real Estate Law and home prices will be more realistic. It was an enema that the industry badly needed to cleanse the system. All of this will take place regardless of what Congress does or does not do.