How did we get into the real estate mortgage mess we’re in?
The scripture that comes to mind is: 1 Timothy 6:10 For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.
My opinion is that many folks were involved in this market bubble. The lenders expanded their underwriting guidelines so more and more folks could qualify with no real ability to repay the loan. The joke we heard was, if you could breath, you could qualify for a loan. The loan originators, realtors, appraisers, builders, developers, title companies all saw a way to make more money.. The consumer also has some responsibility. We saw many who saw this an opportunity to buy more house than they could truly afford. Keeping up with the Jones’.
Michele "MAC" A. Cole