During the hot real estate market a few years ago banks, federal government and people committing fraud caused property values to artificially jump. Today the same banks and the same government are causing the those property values to drop all over the country. I spoke about how lenders are causing property values to decrease by their incompetence in a previous post: Lenders Are Causing Property Values to Drop.
Now they want us to be grateful to them for saving us with our own money (massive amounts of it). I for one am not grateful, I am fed up.
Congress made laws requiring banks to give bad loans and then took kick backs from them (campaign donations and sweet heart loans). Those in congress knew Fannie Mae and Freddie Mac were in trouble 4 years ago and did nothing about it covered it up and protected them; so they could continue to write even more bad loans.
Since that time members of congress continued to take money from Fannie, Freddie and the lending industry. Executives from Fannie and Freddie left with giant bonuses after riding those institutions into the ground and cooked their books. Instead of prosecuting them, many found golden parachutes. A few of them are now financial advisors for the presidential candidate who was the second highest collector of donations from Freddie and Fannie. I wonder what advice he is getting. Are they planning the next crash and burn cycle? I definitely will not be saying thank you to congress. I have no Aloha for them.
Lenders and government sat back while massive amounts of mortgage fraud went on around the country and did very little. In some cases they were active participants. Mortgage fraud caused property values to climb artificially in communities across the country. Consumers buying homes at that time paid more.
Now the very same lenders are driving down prices in those communities. They are causing consumers to lose money and their homes in some cases.
So again I say, NO ALOHA for Congress and the Lending Industry.
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
OMG Randy - Me too!!! SICK-SICK-SICK & TIRED. I'm not happy with the BAIL-OUT (forget rescue), I'm not happy that the creeps don't suffer with the rest of us. I hope their portfolios have nosedived worse than ours. Where is the damn accountability. Oh hell, let's go to the SPA!
BTW - you said it very well and you said it for a lot of us. Thanks
Hi Randy,
Like I've said before on other blogs, it's time to get rid of all of the incumbents and CLEAN HOUSE... If we get a New President, with all new Congressional members (both Senate & House) then we will be sending a VERY LOUD MESSAGE, that the public has had enough....
;>)
Gail - You are right, I think I will head to the pool.
Ann-Marie - They have sure made a case for term limits. I also would like to see it made illegal for the special interest groups from pumping large sums of money to politicians.
Randy, the first Tuesday of next month the nation will have a chance to vote all those Congressmen and several of Senators up for election out of office. But you know what they will not, because it is everyone else's Congressman and Senator that is the bad one and not theirs. Cleaning house has got to start at home first.
George - In our case neither of our Senators are up for election and our congressman has a no name opponent. Neither he or our congressman are even campaigning. Hard for us to do much.
It is impossible to clean house when they set up the system to bless districts with a senior Senator or Congressman.
I will be voting early this year. I will be traveling to Florida forNAR the beginning of November.
Randy,
It is only tailored for the rich to get richer...they want to reward all those big executives. They care less for middle class and the poor...face it...we live in America but we are treated like we live in a third world country...the only difference is we aren't beheaded...our homes and income are.
Ann is right on, all incumbents need to go....straight to jail. It is treason what congress has done and if one was tried I would bet he would be convicted.
Neal - It is all about money and power for these folks, no morals.
Charles - You are right, if we did what they did we would be in prison.
Randy, thanks for an enlivening post and for commenting on my blog; I really appreciate it:)
DJ - You are welcome. I am glad to see you posting on Active Rain.