First let me preface by saying that I’ve spend 29 years full-time, that is full time when I wasn’t working one campaign or another, in the real estate profession either as a salesperson/consultant or as a mortgage broker. I’ve lived through 4 recessions. I’ve seen it get bad before yet never have I seen a structure collaspe on Wall Street combined with the refusal of a simple mechanism to let people stay in their homes until the crisis passes. It will pass it always does.
The solution that is necessary is simply a restructuring of the existing loans by the organizations that now hold the paper. Before you can fully grasp why this simple path isn’t being followed you have to know something of the background and structure of the mortgage business. There are structural, profit based reasons we are in this situation today.
I’m going to try and shortcut a very complicated topic by doing an audio. If I can speak to an audience, as I have many times as a seminar leader and political hack, then perhaps I can simplify things to the point that I won’t have to write a book. There are reasons why we got here and there are solutions for getting out of here. I hope you listen. There is an .mp3 download link if you want to put this on your device.
[UPDATE] This is so damn complicated that I’ve spent an hour trying to record and have it make sense. Frustrated isn’t the word. So I’ve decided to stop trying to explain everything about this mess and jump to the solution. Hopefully I can get this recorded right!
I’m not using high quality recording equipment so this isn’t perfect. But hopefully it’ll get you the message that there is a solution. Share this if you want with friends that are in mortgage trouble. It’s about 20 minutes. I apologize for the length but it’s a complicated topic.