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Governor Napolitano, in her state of the state address, offered a 3 step plan to protect home buyers and help prevent any future credit crisis. Her plan includes a Homebuyer's Bill of Rights, Arizona Home Equity Theft Protection Act and lastly to license loan officers.
I think the 3rd item will be most helpful, license loan officers. Most of the loan officers that poorly advised their clients and sold mortgages to those loosing their home are out of business now. It was a temporary job for them. They came in made a big mess and moved on to another job. The barriers to entry were none. Therefore, anyone could sell a mortgage. With the HUGE commissions many were attracted. I don't believe they were evil or intentionally took advantage of their friends and family. I believe they were misguided by sales managers looking for big profits and did not know better. However, a home is usually the largest investment of ones life. Many choose those they know over a professional. Unfortunately, now they are loosing their homes. Most don't even know there was another, safer way. License those mortgage professionals TODAY! Better yet, make new Realtors go through an internship program. This is another step to help homeowners, because the Realtors have their share of responsibility for this mess too!
Homebuyers' Bill of Rights:
http://www.azre.gov/PUBLIC_INFO/Bill_Of_Rights/BILL_OF_RIGHTS.html
Governor's State of the State address:
http://www.azgovernor.gov/dms/upload/GS_2008%20SOS%20Address.pdf
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2 comments:
Thank you for acknowledging the fact that Realtors are responsible for this MESS also. As you know most Realtors aren't the sharpest tools in the shed either, and pointing fingers at appraisers and lenders would make you appear not so sharp.
I very much agree. Our industry has no barriers to entry and is full of people that should not be selling homes. I have to deal with these people every day. When I get paged at 8 am on Sunday or 930 at night, I can almost guarantee I have alreadly supplied the answer for the page. They just don't know what they are doing. And I must respond, it may be important to one of my clients. So, I am constantly the teacher.
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