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Friday, October 19, 2007

Mortgage Rip Off Gets Started

So the saga begins - You have all heard the news and read the articles about the mortgage collapse of 2007. I worked in the business with a subprime lender for 5 years during the boom and bust. I figure someone should put the real deal out there. I'm going to attempt to shed some light on what caused the boom, bust, and declining market we see today.

If you ever thought about buying or refinancing a home you should check out the info. Step number one: Make sure you pick a reputable broker or real estate agent. There are great ones and complete fakes.

Hallmarks of a Good Representative:
-Experienced
-Honest
-Answers your questions directly
-Explains all your options
-Looking out for your best interests

Hallmarks of a Bad Representative:
-No Experience
-Dishonest
-Gives you limited options
-Looking to make the most money, as quick as possible

This sounds easy, but there are a lot of wolves in sheep’s clothing. Tons of Brokers pose as friendly consultants, but the market is full of opportunistic money hungry thieves. They take you to the bank and laugh about it behind your back. I know because I have seen it happen hundreds of times.

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