I didn’t realize the subprime interest rate freeze was such an emotional issue for so many real estate agents. I can’t tell you how many blog posts I’ve read in the last 24 hours, where the borrower has been referred to as “stupid”, “irresponsible”, “idiot” etc. etc. Also most real estate bloggers don’t seem to think this plan will help anyone. The view coalesces around a general feeling that this is a cynical political move by lenders and politicians.
I am here to remind folks in the real estate industry that regardless of what you might think the vast majority of “stupid” borrowers who took out subprime loans are doing just fine. Subprime loans offered them a path towards homeownership and achieving the American Dream. That’s pretty cool in my book.
Second, if you were in real estate the past few years, then you very certainly benefited from these “irresponsible” borrowers who took out a subprime loan and bought homes (and paid your commission).
It’s easy to sit on a pedestal and denounce the move, however, I believe the parties who hammered out this deal are sincere. I think the move will help hundreds of families in need and at the end of the day lenders will benefit as well. And by the trickle effect so will the general economy.
Let’s not forget that these borrowers whom real estate bloggers are calling names are our clients and customers. That makes me scratch my head. That is why I’m choosing to extend my professional services to borrowers whose rates are being frozen. I want them to make the most of this new found reality. All power to them.
Now, if bloggers really want to an emotional issue where you can call anyone any name you want, there is a brewing CIA torture scandal with destruction of evidence. Just the fix you need.
