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Sub-Prime Mortgage Crisis - Who is to blame
By Amar B Reddy
The number of financial horror stories that hit the newswaves is rather overwhelming. I recently read an excellent article in Citypaper that discusses the sub-prime mortgage crisis in Philadelphia. I agree with most of the article except for the tone that applies that most of these home owners were completely unaware of the terms of the loans. I think a little bit of the blame should go to the homeowners for not doing their homework and then for taking on huge loans that had bad terms and excessive fees.
I find it rather amusing that the only ones' getting blamed in the general media coverage and at the congress hearings is the financial industry starting from wall street investors to loan officers at small mortgage brokerages. I am by no means trying to diminish the role this ruthless and extremely greedy group played during the boom years 03-06. But, I feel that the Realtors and the real estate industry is basically getting a free pass during the crisis. No body really seems to be pointing a finger at them in spite of their active and undeniable role in the current mess. Many of the home changed hands more than twice during 03-06 in many of the hot markets.
Real Estate agents almost always got their cut of 6% of every transaction irrespective of the effort it took to get the deal done. When compared to the total fees usually paid by the home buyer during purchase or homeowner during refinance is usually way less than 6%. In most states, it is against the law for the total fees to exceed 5% of the loan amount on primary residence transactions. This 5% limit contains all the title fees, underwriting fees, broker fees and lender fees.
My point is about fairness. There is enough blame to go around and it is only fair to include Realtors into the mix.
Amar Reddy is an avid follower of financial markets, foreclosures,and web 2.0 companies among others. You can read my blog at Mortgage Loans and Rates
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