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What can YOU do about the current lending insanity? A lot.

Remember the old Hall and Oates song, “I Can’t Go for That? No Can Do.” That’s what 38% of the 61% of all American that could benefit from refinancing their fixed rate loans are saying.

In case you have not noticed, interest rates are at one of the all time lows in this country fueled by thoughts of a double-dip, lack of growth in real jobs and the bond market being a safe haven.

Most people can’t qualify because of the credit standards imposed by the Extremist Credit Managers at Fannie, Freddie, etc. They made income requirements tougher, asset reserves silly, credit issues tighter and of course, they fell in love and had sex on the first date with the HVCC.

So, what has Congress done lately?  First, Senator Christ Dodd of CT., who is leaving the Senate and received two, yes two owner occupied mortgages (isn’t that not allowed?) came to America’s defense and made sure that HVCC stays basically as it is so values concocted by cheap, inexperienced apprasiers keep depleting the already based equity in people’s homes.

Added to the fact that the conference committee for the Dodd-Frank bill just spit on people trying to get low loan amount mortgages by limiting the cost of the loan, laughed at everyone who needs flood insurance and made risk taking on loans more prohibited, we are in for more sillyness to come until it’s proven without a doubt that what they did was really wrong.

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What can you do?  My suggestion is to target Senators.  They need 60 votes to get cloture in order to bring the bill to a vote. Call your Senators office and ask to speak with the Legislative Aide that handles real estate and explain in detail why this bill should not go through.  Give an example of an incident that occurred to real people.

Then, listen to “Rich Girl” and remember who benefits from lobbying in Congress!

Written By

Realty Reality! That describes Fred, a sharp witted and outspoken realist for the mortgage and real estate world who has appeared on CNBC and NPR's Marketplace along with being quoted in the New York Times, The Wall Street Journal and other media outlets. Fred is the CEO of U S Spaces, Inc/Arrivva (a real estate brokerage firm in PA, NJ, DE and CA) and U S Loans Mortgage Inc (mortgage brokerage in PA, CA, FL and VA), and serves on the Board of Directors and is the Federal Legislative Director for the UpFront Mortgage Brokers. Fred is also the co-creator of real estate startup, a mathematically driven rental search engine. See everything Fred at



  1. Miami Condo Shop

    June 28, 2010 at 2:30 pm

    For those who intend to call, I wish you the best of luck. One can just hope and pray that the good souls in senate can bail us out of this grim scenario. This also highlights the fact that people should really start contemplating on who to entrust public office so we don’t end up with bogus public officials.

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