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:
“Everyone in the full enjoyment of all the blessings of his life, in his normal condition, feels some individual responsibility for the poverty of others. When the sympathies are not blunted by any false philosophy, one feels reproached by one’s own abundance.”
—Elizabeth Cady Stanton (1815–1902)
“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)
“The people of the United States have been fortunate in many things. One of the things in which we have been most fortunate has been that so far, due perhaps to certain basic virtues in our traditional ways of doing things, we have managed to keep the crisis of western civilization, which has devastated the rest of the world and in which we are as much involved as anybody, more or less at arm’s length.”
—John Dos Passos (1896–1970)