Comments of the Week: Worship the Almighty Dollar

Mortgage & Real Estate

The worship of the dollar and a sardonic linking of a big bank to the diabetes epidemic head a disparate group of comments on the website content this past week.

We like to impress readers with our content, but sometimes we impress them in the wrong way. So our item about a couple of hero TARP inspectors who got $28 million back into Treasury coffers didnt impress a commenter who signed himself Gguy. This would be a lot more impressive if these weren’t just minnows while the big fish that caused the problems are still free, Gguy opined. Still a lot of work for our Mortgage G-men to take on, obviously!

Our sardonic linking of potential GSE privatization to the Russian model that created billionaire oligarchs got some approbation from a reader who signed in only with an ISP number. To privatize these GSEs and leave the housing finance industry in the hands of Wall Street funds and profiteers would be a mistake of incredible magnitude! Our country will never survive if the worship of the dollar and profit is all we have. Even worse, the existing Russian billionaire oligarchs could be the ones making billions from American GSEs!

We like it when readers respond to articles by adding useful information. So, Jim Picard tacked this detail on to our story about the HUD 184 program for American Indian mortgages: The entire state of Alaska is eligible for HUD 184 loans.

Reader Chris Leitch responded to our story on independent mortgage bankers getting squeezed on profits this way: Bottom line is that lenders are going to have to raise rates to maintain decent margins otherwise there is no point of being in business in this industry. Working for a few hundred bucks in profit per loan is useless time. Consumers will thank our government officials in the near future for making lending more expensive.

We ran another story about independents mortgage bankers, this one on their market share. Another reader identified only by an ISP number commented, They should simply look at the CSBS numbers from NMLS. State Supervised Non-Banks originated 786B in 2012. This paper once reported that there were 1.4T in 2012 mortgage. Moving on in the report, 86% said they brokered some loans, 75% employed 15 MLOs and 90% employed 1-10.

And finally, reader John Hudson responded to our report on nonprofit NHFA and its claims of the ills, literally and figuratively, of foreclosures: 1) where is the evidence linking foreclosure to obesity? Perhaps Wells is also guilty of the diabetes epidemic and should be forced to pay for the health care of America as well. 2) There should be a story about how much cash George Soros helped “raise” to get the Mount Holly case to disappear before the SCOTUS could hear it.

Keep those cards and letters coming, folks!

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