David Saks: Shelter from Harm

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.

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


Do you smoke crack? And now they're supposed to bail the banks out for their greed at the expense of the American tax payer? Remember when the foreclosures first started hitting the market and investors clamored on the court house steps?  Where did everybody go?  You know what that means?  I think it means hey... now is the REAL time to buy!  The only folks you see today on the court house steps are the banks buying back the loans.  Of-coarse that raises another issue, or sad tale for those insurance companies they're looking to have pay off the loan.  That's why you'll see the banks buy back at $114,000.00 and put it on the market for $100,000.00 a month later.  They're getting their money from the PMI Insurance and then looking for a quick buck by selling low.  Meanwhile yet another institution is down the drain.  The insurance companies.  You know... the ones whose stock was at one time $68.00 a share and now is $5.00 a share?  Yeah... those guys.  The same ones that only had to maintain 35% of their guarantee liquid or in the bank are now going belly up as well.  What this means though, I think, is the beginning of the end, AND unbelievable deals now and in the next coming year as the market attempts to pull out, and pull out it will.  (Thanks in part to first time home owners)  Builders are not building and dealing to unload everything they've got, which means new construction will be eight months to a year out once things begin to turn around.  Pre-existing home sales will therefore be first to pick us back up and we'll start to gradually reverse the inventory to sales ratios.  Hey... but what do I know?  I'm just a Real Estate agent!  :-)

Posted by Jon Higgins, ABR (Century 21 Elite Performance) over 12 years ago
Don't smoke, Jon. Never have. But thanks for offering.
Posted by David Saks ((retired)) over 12 years ago

Welcome to Active Rain! For some tips on how to get started here, check out my blog entry at ActiveRain Fast-Start Tips for Quick and Easy Points

Happy blogging and good luck!

Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 12 years ago

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
Posted by The Trumm Team Omaha Homes for Sale, Real Estate (Keller Williams Greater Omaha) over 12 years ago

Thank you, Ben and Troy.

Good thoughts...

Posted by David Saks ((retired)) over 12 years ago


More government is never better ... all of the social experiments around the globe failed miserably, because the elimination of self determination and personal responsibility led to societies of non-productive louts.

I'd rather see the money spent on education, so people could actually read what they are signing.

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) over 12 years ago
Thanks for your comment, Richard. I'm not advocating more government; I'm for better government. Every local, state and national section of government has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of it's citizens. What is considered in the public interest varies from state to state. I disagree with you if you'd take a moment to consider the social experimentation of the United Kingdom's health care system. I see no slacking personal responsibility here. I do see the self determination of a country to protect it's nationals. No one pays for any thing health related. Co-pays for drugs or medicines prepared or dispensed in pharmacies and used in medical treatment are just pennies or no cost, and fixed at one extremely small price, which is more like a small tax for a revenue stamp. It's a success story that has the property of not being analogous to anything else, although other countries have similar programs. And in similar fashion, no health program in the United States can match the superiority, protection and reliability for our citizens than Social Security's Medicare. At any cost. Many would die without it. Roosevelt insured the security of our country with his vision. I listen to these doomsday spooks bitch and whine about it everyday and talk about the progam crashing and burning. I just change the channel. Case in point, look at all the HMO's and company's like Cigna that face billions in litigation because of fraud and misrepresentation of the system. Where has Medicare ever been charged with fraud or misrepresentation? Only those that falsify claims and abuse the system face the judge. Hooray for Uncle Sam !
Posted by David Saks ((retired)) over 12 years ago


Thank goodness there are idealists like you out there! You demonstrate a passion for your position and back it up with reasonable examples. I sincerely do appreciate your spirit of community and your adamant support for social reform. It's a fine contrast to the pursuit of the almighty dollar and anything goes!

I don't necessarily agree with you on everything, but you write so well that you have earned a subscription from me, and I will continue to digest what you have to offer.

Who knows, you may change my mind on a lot of issues?

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) over 12 years ago
I agree with Jon and David...this is a messy situation and somewhere people need to account for themselves and that goes for businesses to!
Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 12 years ago



Richard, I'm inclined to be guided more by practical considerations than ideals. If I had thought as a dreamer, or wishful thinker looking to escape into a world of fantasy, my contemplation would have been formed by the coalescence of abstract, fanciful or imaginary observation. As yourself, I live in the real world. Although I occasionally enjoy watching Leave It to Beaver reruns, which is about as close to surrealism as I want to be. I value your thoughts and thank you for your kind comments.

The photo is Eddie Haskell (Ken Osmond), Me and Lumpy(Frank Bank). We had lunch together not too long ago.

Posted by David Saks ((retired)) over 12 years ago


Actually, I lived in that world in the 50's! Uni-cultural suburbanites all succumbing to the pressure of the golden rule of "what would the neighbors think?" No one having sex, yet everyone had a house full of children, the latter living under the dreaded pall of "getting the business" from mom or dad, or worse, a priest or nun if you attended a parochial school.

Dad was a "meat and potatoes guy" and the meals were more institutional that inspirational, but we always had plenty to eat and clothes to wear.

I guess we were  more "green" back then, the 12 of us in one house, with one car, and never leaving a door ajar. Nothing was wasted, all was recycled into bird food or compost for the flowers mother kept...

All in all, June and Ward were not as surreal as you might believe!


Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) over 12 years ago
Precisely what I was implying, Richard, per regards June and Ward. Satire aside, accepting the facts of life, favoring practicality and dealing with the truth is a daily affair in my home. In a definitely out of the ordinary and unexpected, slightly odd, or even a bit weird, kind of way, the surrealistic thing about it was that Wally and the Beav actually acted the way we lived.
Posted by David Saks ((retired)) over 12 years ago

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