David Saks: David Saks ((retired))

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Shelter from Harm

 

I had a fellow Realtor® comment to me: "The one thing the home ownership market does not need is government intervention".

I respectfully disagree due to the fact that regulation of financing is a necessity in view of the many callous and thoughtless misrepresentations that have occurred at the hands of unscrupulous and greed driven lending institutions. When lenders exceed qualifying mortgage caps for their borrowers they knowingly place their clients at the risk of foreclosure. Realistic cap rates should remain in place in order to make financing more realistic, not just for the borrower, but to lower the risk for the lender. If debt to income ratios exceed realistic limitations the outcome is predictable with almost certain accuracy. This is especially true when qualifying a buyer for an adjustable rate mortgage of either a fixed or hybrid type, such as a loan with a teaser rate of 4 percent for two years that explodes to 8 percent when the introductory rate period expires. The ensuing payment shock inevitably decimates the borrower, increases the debt to income ratio, depletes their cash reserves, depletes escrow, creates negative amortization, and eliminates the possibility of refinancing because the debt exceeds the value of the home. These are precisely the reasons why we need legislation to protect our most valuable asset, our homes. Lenders should undergo rigorous training including continuing educational opportunities required by law and local and state financial regulatory boards. Local, state and national governments should require greater levels of skill and attentiveness by lenders when excercising discretion and prudence when qualifying a borrower. It is the utmost responsibilty of our lenders and our banks to protect our borrowers, and to protect your "investment", which "is" their money until you receive a warranty deed and a satisfaction of mortgage document.

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Never think for a moment that your investment would be protected without our government and new housing and financing legislation protecting homeowners throughout our great country. Better days are in view because of the new laws, such as HR3915, sheltering homebuyers from harm insuring that we have shelter for our families and our future.




David Saks



Time&Temp Memphis

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Mr.Saks' participation in ActiveRain ended April 13, 2015.

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May God bless you.

Comment balloon 12 commentsDavid Saks • March 16 2008 11:20PM
Shelter from Harm
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