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Real Estate Agents Should Own Up To Their Role

Original post made by Scammed, Midtown, on Dec 1, 2008

I'm wondering when national and local real estate agents will own up to their role in the financial/credit debacle. They have always been just as predatory as some mortgage brokers. And their mode of doing business surely drives up prices, blowing up the bubble. Their commission structure encourages this, plus the colluding of buyer and seller agents, determining together just how much they can squeeze out of the buyer, without regard to any sense of reality in the marketplace. In the meantime they contribute some money to the schools, as part of their PR campaign, and just throw up their hands and plea innocent to their complicity in the whole fiasco. The Real Estate Weekly (aka the Palo Alto Weekly)should think twice about this as well, in its co-enabling the agents of mass destruction.

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Posted by Perspective
a resident of Midtown
on Dec 2, 2008 at 7:20 am

I am wondering when the Congress and foolish/greedy buyers will own up to THEIR parts.

Luckily, apparently the worst of the foreclosures seems to be over. The foreclosures seem to have peeked in September, so the flood is receding.

Maybe we can start re-building...and maybe, at least for awhile, the pressure from Congress through Fannie Mae to lend money to people with NO money down, a recent history of bankruptcy and NO sustainable job will ease up. Or at the very least, maybe lenders will just tell the CRA/Fannie Mae to go ...away. I am sure Wells Fargo has been noted by everyone else who succumbed to the blackmail.

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