Food for thought

By Andrew Robbins

CSMS Magazine Staff Writer

The Obama administration blames the bankers for the real estate crisis. I hold a broker’s license to sell real estate and I view real estate as a greedy business. Yet, one of the first questions a realtor asks a potential buyer is, “What are your requirements: location, room sizes, etc.?” and “How will you finance this purchase, where do you work, is your spouse employed?”

Most of America is not aware that realtors told unqualified homebuyers to apply for an interest only loan and in the future their property would resell, at a higher value. Real estate speculators were encouraged to take risk. They could walk away with money in their pocket or just walk away, and the buyer had no skin in the game. In the end, government bailouts stuck the taxpayer with the bill. Stuck with the tab for cleanup are the men and women who roll out of bed and show up for work.

       The National Association of Realtors and your local Board of Realtors are the first line of defense protecting our economy from the fallout of home foreclosure. Yet, it was the National Association that worked the liberal Congress to change financial regulations so that home ownership became affordable to everyone, regardless of their ability to repay the lender.

It was mortgage companies, NOT BANKS, that approved buyer applications for: liar loans, no income verification necessary; and NINJA loans (no-income, no-job, no-assets). The realtors, appraisers, mortgage companies, credit agencies, and the bond issuers all made money. The chumps (taxpayers, your retirement fund and individual investors) lost equity financing worthless loans/paper.

       Right now, one in seven borrowers has stop making home mortgage payment! Eviction foreclosure notices have been curtailed until the market can absorb the existing supply of homes.

Several states, such as California, consistently elect liberals to Washington. The liberal agenda is wealth redistribution. What does redistributing wealth mean? It means, for those of you that have employment that the government is smarter than you and Congress needs your money so that career politicians keep their job by promising social programs for Americans that don’t want to work.

       Many Americans are anti undocumented worker/illegal worker. Yet, one could argue that unemployment benefits are too generous and if they were reduced the unemployed would then be forced to compete with illegal workers.

       For example, when I received an estimate for concrete work, the comment was made: “I can’t start right away. We can’t find enough workers. I have a list of illegal applicants seeking employment, but I can’t find Americans that are willing to work. Americans would rather draw two-years of unemployment benefits.”

       Where I bank, the branch manager said, “I have a client who has a mortgage with us. He is unemployed, has had several job offers, yet he continues to search for his dream job. Unemployment insurance keeps him out of the job market.”

       From northern Michigan, the unemployed did not want census jobs, it would require employment during the warm summer months.

      And finally, they live with family member who wants the taxpayer to pay for a two-year vacation.

      Perhaps one solution to illegal immigration is to end our fellow Americans’ addiction to unemployment insurance. The men and women that actually have jobs pay for all social programs. Social programs are astounding, for the beneficiary, they use other peoples’ money to pay for someone else’s fun. The beneficiaries of social programs are content until the government runs out of money. As the funding pool dries up, unrest and riots are the result of failed programs. The country of Greece is a prime example of beneficiary backlash.

       As we approach the fall election, the question to answer is, “who do we vote for?” The liberal agenda exist within both political parties. If you own a business, if you are employed or own property, then we pay for big government and the liberals’ agenda. If you like paying for someone else’s’ fun then you reelect liberals. For the rest of us, I think we will vote by splitting our ticket and looking for candidates with solid business background/experience. After all, the US government is one of the biggest global businesses.

Note: CSMS Magazine and the author are not in the business of providing financial services or advice. Prior to investing, readers must seek professional assistance.

Andrew Robbins is the author of: It Took My Breath Away; One Man’s Experience May Save Your Life. He may be reached by email at: awrobbins1@earthlink.net

Comment this article or e-mail it to a friend.Also see It’s Your Money, The Way I See It (Part VII)

It’s Your Money, The Way I See It (Part VI)

It’s Your Money, The Way I See It (Part V)

It’s Your Money, The Way I See It (Part IV)

It’s Your Money, The Way I See It (Part III)

Also see It’s Your Money, The Way I See It (Part II)

It’s Your Money, The Way I See It

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