Mr. Obama versus The Real Estate Salesman

[Michael Larson]

I don't disagree Joe except with the mortgages being forgiven part. Why should the borrower be let off the hook completely?

I only wanted to point out that there was obvious fraud being committed by multiple parties. (the borrower, the mortgage lender, the appraiser, the underwriter)

Basic lending practices were thrown out the window to promote sales and implicitly backed by the federal government because much of this paper ended up with freddie mac and fannie may.

Real estate commissions, mortgage origination fees and the housing boom became the driving force that contributed to the speculative bubble that eventually burst.

There was great incentive to close deals and a mortgage origination industry sprang up where college dropouts made great money filling out the loan documents collecting their commissions and moving on to the next target.

BTW-They weren't called liar loans for no reason.

[Joe Farsetta]

Unfortunately, the banks have created the situation for themselves. The courts are almost compelled to forgive the mortgages, as the banks neglected to follow the rules of the securitized trusts. They attempt to re-create documents three years after the fact, using fraudulent means, and then crying foul.

[Gary Farnsworth]

I hope now that all of you understand why states and special interest groups want us, the home inspectors of the U.S., licensed, so we are under their thumbs, so we do not kill deals. We are the last cog on the chain that is in their way.

Consumers must understand that we are the last ones left in the RE industry that are honest, and informative, on the largest investment they are ever likely to make in their lifetime. The only way to stop fraud, negligence, and poor lending practices is to keep us un-licensed, properly inform the buyer, and even make it mandatory for Inter-NACHI inspectors to pre-inspect every home before it is allowed to be marketed.

We must be allowed to imform the buyer, our client, about the home they are purchasing to the best of our ability, and not under any state or goverment regulation.

[James E. Braun, CMI]

I agree with Joe. I have seen some of these mortgage messes first hand with my clients. Sad but true.

[Joe Farsetta]

We, as home inspectors, are the THIN GREY LINE.

For those of you who have taken my courses, yu have heard me say this time and time again.

We are the SOLE player in the RE transaction that has no vested interest in whether the sale goes through or not.

We recognize more than black and white, because if that is all that is needed to be a home inspector then any moron would be competent in our profession

We have the ability to interpret GREY, and as we become better educated and more seasoned inspectors, we can recognize SHADES OF GREY.

We are the THIN GREY LINE.

And, as a profession, we need to recognize the necessity to sometimes agree to disagree witrh each other.

This is where I am able to find common ground between all associations, so long as the people steering the local (statewide) effort arent positioning themselves with the upper hand.

It is the ONLY way this profession will EVER be recognized. Sometimes, you need to check your guns at the door and find commonality, for the betterment of our livlihoods and this profession.

I think I'll start a newsletter called the Thin Grey Line, and invite everyone to contribute.