Responsibility For Subprime Mortgage Crisis
Many experts believe that Brokers and Realtors are largely responsibile for the Subprime mortgage crisis, as homebuyers bore all the burden and risk, while commissions are dependent only upon the final selling price of a home. Many experts believe that collusion with mortgage lenders, along with a monopoly on the MLS created prime conditions for Realtors to earn high-volumes of commission on borrowed money for inflated house values with no risk to the Realtor.
Read more about this topic: National Association Of Realtors
Famous quotes containing the words responsibility for, mortgage and/or crisis:
“We need not be theologians to see that we have shifted responsibility for making the world interesting from God to the newspaperman.”
—Daniel J. Boorstin (b. 1914)
“We are playing with fire when we skip the years of three, four, and five to hurry children into being age six.... Every child has a right to his fifth year of life, his fourth year, his third year. He has a right to live each year with joy and self-fulfillment. No one should ever claim the power to make a child mortgage his today for the sake of tomorrow.”
—James L. Hymes, Jr. (20th century)
“When you give power to an executive you do not know who will be filling that position when the time of crisis comes.”
—Ernest Hemingway (1899–1961)