David Saks: "You have sum splainin' to do, Mr. Bernanke !"

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

"You have sum splainin' to do, Mr. Bernanke !"

I penned this six years ago.
Has anything really changed.....?

The trap has sprung. The Fed keeps lowering the lending rate.

Has it signed a death sentence for the economy?

For cash-strapped homeowners, their worst nightmare is about to happen.

They're going to refinance their mortgages at bargain rates again, thanks to the Fed's beneficence, and think that they can cut their payments in half.

Low documentation and low downpayment scams are going to resurface their ugly heads for new borrowers.

Those who take the bait are in for a nasty surprise.

While many Americans have started to worry about falling home prices, borrowers who jumped into so-called option and hybrid ARM loans have another, more urgent problem: payments are about to skyrocket.

The pain will be borne by ordinary people, not the lenders, brokers, or financiers who created the problem.

The frequent Fed discount, and new borrowing frenzy, might be the coup de grace to America's economy.

"You have sum splainin' to do, Mr. Bernanke !"

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

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

His blog archives will remain online.

May God bless you.

Comment balloon 17 commentsDavid Saks • March 17 2008 08:23PM


It will be quite interesting to watch and see what transpires through all of this. Sad for some homeowners also.
Posted by Bob & Carolin Benjamin, East Phoenix Arizona Homes (Benjamin Realty LLC) over 12 years ago
You could be on to something. I like your late night scary feel, well written.
Posted by Shawn Hartmann (RE/MAX RESULTS) over 12 years ago
I realize it is to late for most people stuck with some ARM programs. But, maybe  just maybe the educations systems in this country will be adding a significant section to there economic class in high school and even college. 
Lets not keep this madness up of turning your home into an ATM.
Partime agents who are teachers, are you listening and maybe thinking on how to stop this with the next generation of borrowers.
Posted by Bob Force (REALTOR®), The FORCE in Maryland Real Estate (Weichert - McKenna & Vane) over 12 years ago


Thank you for reading my entry, Bob and Caroline. The mess will correct, but I think it'll be after pay options begin resetting in 2011, setting it back two to three more years. Seven years, 2016, to liquidity. Just a prediction. I've got a sales meeting tomorrow night and the principal will probably make me eat by myself when I lay my two cents on the table during the open forum. Alas, the trials and tribulations of prognostication.

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

Thanks Shawn. I might need some wolf bane, a full moon and tanna leaves.


Posted by David Saks ((retired)) over 12 years ago
Thank you, Mr. Force. I agree that some level of educational oversight will assist in the prevention of divergences from what the industry would view as acceptable.
Posted by David Saks ((retired)) over 12 years ago


I had to double check to see if you were responding to me - Mr. Force.  Here in AR, Bob is sufficient.

Question - Why Bob & Caroline and Shawn; but  I am Mr. Force?  Does my age show somewhere I am not aware of?



Posted by Bob Force (REALTOR®), The FORCE in Maryland Real Estate (Weichert - McKenna & Vane) over 12 years ago

Thanks Bob. No age discrimination here. I'm very pleased to meet you and honored that you'd take a moment to read my entry and provide some serious, excellent feedback. On another note, how JP Morgan assumes and battles MBS litigation will be better than Monday Night Football. I've always thought Chase a fine bank.

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


I always thought AR as a forum for  the exchange of ideas, ans solutions to common problem in the industry. 

 Maybe if only one teacher read my response, there would be a change in a circurclum/lesson plan that would effect even one student and stop one unfortunate shortsale/foreclosure in the future. 

Paying it forward.

now I am sounding like a johny one note. Hope to see/read your againon the AR.

Posted by Bob Force (REALTOR®), The FORCE in Maryland Real Estate (Weichert - McKenna & Vane) over 12 years ago

Always worry when the person says, "I'm from the government and here to help You".

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) almost 6 years ago

David   I am not a fan of ARM's But I do not see the interests rates rising but I agree stick with a fixed rate when the rates are low . If you cannot afford to buy it  Don't

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 6 years ago

There have been a lot of thing that came to pass since some of these posts of 2008. Now it is time to see the results of the predictions made back then. So give us an accounting of the results as you see it. Just the facts, mam or sir.

Posted by Ted Glover, ABR in Moultrie, Georgia 229-854-5422 (Alderman Classic Realty, LLC) almost 6 years ago

it sure is helping the stock market....I have DRIP stocks so I am Happy!  Happy! Happy!

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 6 years ago

So right, Elite. Thanks.

Posted by David Saks ((retired)) almost 6 years ago

Ditto, Hannah. Glad to hear from you.

Posted by David Saks ((retired)) almost 6 years ago

They sure have, Ted. The nation's ministers of real estate propaganda are better apt at sweeping the sordid details of the industry under the rug. Their better at safecracking now than they were ten years ago.

Posted by David Saks ((retired)) almost 6 years ago

Great Wallace !

Who needs a durn stockbroker when you can DRIP ? :-)

Although that might be what sellers would say if banks could market residential property in an arms length transaction, which hopefully won't happen.

Posted by David Saks ((retired)) almost 6 years ago

This blog does not allow anonymous comments