Are we supposed to actually care that mortgage brokers are vanishing? I for one could care less. After all, isn’t the mortgage crisis their fault? They caused their own demise. Because of the plethora of greed amongst mortgage brokers who were selling risking mortgages and getting rich by charging outrageous fees, we all now have to suffer.
People have lost their homes and according to USA Today, 1 in 10 home owners are facing foreclosure. Many are under water with their mortgages, can’t afford to pay their mortgage, doing short sales, turning their deeds back over to the bank and walking away all because mortgage brokers were money hungry pigs.
Independent mortgage brokers who are still able to keep their heads above water for now, are worried that with the rapid decline of more and more mortgage brokers that it will give way for big banks to take command of the mortgage industry which could happen but you can’t cry over spilt milk now.
I don’t feel sorry for any of these vultures because they sure weren’t feeling sorry for any of us with their incessant greed.
I say good riddance, hit the bricks and now reap what you sow.
- Federal Reserve cracks down on mortgage fees (seattletimes.nwsource.com)
- Mortgage brokers miserable (theRatandMouse.co.uk)
- Self-employed borrowers face tough times (independent.co.uk)