SBA Fights Back on Fed Rule - 02.02.11
Today's Poll: Do you think the FRB will play by the "Rules" and Comply with the law?
Links & Docs
FRB Fed Rule Fights Back - 01.28.11
By: Frank Garay
Run Time: 00:07:30
Fed Rule Gets Gut Punched - 01.21.11
By: Frank Garay
Run Time: 00:05:22
The Fed Rule Part 1 of 3 - 12.20.10
By: Frank Garay
Run Time: 00:03:42
The Fed Rule Part 2 of 3 - 12.21.10
By: Frank Garay
Run Time: 00:04:52
The Fed Rule Part 3 of 3 - 12.22.10
By: Frank Garay
Run Time: 00:05:00
Chuck@HRC: (February 03, 2011 8:10am)
Just read a report that the Fed says it DOES NOT expect to complete it's TILA reforms before that function is handed over to the CFPA under FinReg. The report can be found at: http://www.mortgageorb.com/e107_plugins/content/content.php?content.7711.
5pence: (February 02, 2011 6:19pm)
Oh, and btw, we had 2 appraisers right there actually writing appraiser regs in the fin/reg bill and this is what we're getting. If you think knowing someone will help, remember that appraisers were there already.
5pence: (February 02, 2011 6:16pm)
Dan, thanks. Appraisers alone arent going to do it or they would already have. Strength in numbers. Brokers seem to think they've got a chance at changing the new bankster SOP, and organizing is the last thing they want to do, it seems. They really are a lot like appraisers in that way. I hope they learn from our example and make the right choices. I'm kind of hating sitting back and watching them get all riled up for sending letters to reps in government when appraisers have already been there and done that with no measureable success. Let's see what they want to do. I hope they don't have to come to the conclusions that we've already arrived at - it'd be a shame, but I dont see how they're try9ing anything different. All that's left is for a broker to threaten to shoot Cuomo and they're there, lol. Organized money is organized crime today and the only way to beat them is at their own game.
DanAppraiser: (February 02, 2011 4:45pm)
5pence: I have been an appraiser for 18 years! This whole thing is a mess! You are right, we need some organization! Contact me I am ready to help. [email protected]
JohnAppraiser: (February 02, 2011 4:02pm)
There are even fewer appraisers than LO's but demonstrating could not hurt. After all look at how much the mainstream media payed attention to the hundreds of thousands of tea party demonstrators. They will find the one LO with a deragatory Obama sign and use that as the lead. Then the whole country will hate LO's for being "greedy bastards" instead of people who work for a living.
GODLIKE: (February 02, 2011 3:39pm)
I wonder if spontaneous demonstrations like are happening in Egypt could happen here with all the unrest over the everything? Maybe we'd have a lot more support than we give ourselves credit for.
doitright: (February 02, 2011 3:09pm)
You are all wasting your time there isn't a member of Congress that will back any of us right now . The public is mad at all lenders it is politically correct for a Congressman to make our life hell . Think about this there are about 300,000 loan officers left after the first fall out in the USA, now take that number and divide that but the amount of states and then by the sections each Rep covers . Forget it we loose . Each Congress person serves less then 700 loan officers . You are all wasting your time , actually you are giving them ammunition to represent the remaining 250,000 + constituents they represent by playing with us. It actually gets votes to screw us over and make us mad. We are the enemy in their eyes. Every loan officer refuse to write deals on April 1 until action is taken, that will work , then the President can take emergency matters into his hands . Name one Congress person that wants to go on TV defending a lenders pay check? Just give me on
Clulessdad: (February 02, 2011 3:06pm)
rlittelfield-the 3 rules that the Fed are not considering on Reg Z are not the LO compensation issue.
rlittlefield: (February 02, 2011 1:53pm)
I am hearing that our efforts have worked and they have stopped the reg z changes.
joecolorado: (February 02, 2011 1:09pm)
The banks probably DO NOT want mortgage lending to come to a screeching halt,they just want to control ALL of it so that any and all money has to go through one of their banking members/affiliates so that they get a return from every facet of the process.They control most appraisers and are working on elimination of LOs(That is THEIR origination money that you are stealing from them),the Title industry is in line and the NAR is probably targeted after that.(Right now they are too strong,but control/remove their possible allies,the appraisers,title people and LOs and they will capitulate-divide and conquer).I just spoke to a Realtor that had absolutely no idea that for mortgage loan purposes she has no input in the appraiser selection process and no opinion in the fees to be charged for the appraisal.
5pence: (February 02, 2011 12:39pm)
Chuck, the Fed is not an agency of the Federal Government, it's a private entity with a public mandate much like the GSE's. It's a private entity owned in part by the TBTF's and it does Congressional oversight but is above the law and non-transparent. @ fledermaus. Chance not choice? Hope not resolution? You'll lose. We appraisers didn't lose because we were wrong, we lost because no one listened. My plan is to form a Guild among brokers and appraisers, like NAR. I've been an independent contractor since I was 16 yrs old and I hate the thought of losing my independence but we are the point where the only solution against organized crime is organization. The problem with a Guild is that fees would be fixed and I hate that thought. But I look at what NAR was able to fix, 6% on every sale across the country, and I think it could work. Obviously the 6% covers the worst nightmares to the easiest sales. That is the way our fixed fees could be. High! to cover any PITA job that comes along.
Chuck@HRC: (February 02, 2011 11:53am)
Maryanne: Some have taken the position the Fed is not a Federal agency. Here is the definitive authority: The Federal Reserve Act of 1913 (you can find the entire legislation at: http://www.llsdc.org/attachments/files/105/FRA-LH-PL63-43.pdf. When congress granted the Fed more authority (after 1913), it did so in the context that the Fed IS an agency; otherwise, it could not acquire the necessary authority. It should be recognized these authorities can be changed via new legislation.
fledermaus: (February 02, 2011 11:33am)
Ryan, West, and others...-Better than Frank(enstien) D'odd. Which got us into this Regulatory mess. 5pence and others- Cynical is a choice. Appraisers lost. Does that mean that every issue will loose? So not try? Did you hear the State of union and response? Did Ryan's speech sound like 'lock step Nazi's'? You can call me pollyannish, but it's either that, or we're doomed, and we should just continue to watch this slow motion train wreck. If I go down- I'm going down fightin' How bout you? Oh- you are done for the day... Don't like our trying for a solution by talking to our elected officials? What is your solution when you say want to organize? I'll listen... Ryan has to work within a very corrupt, cronyism system or he's out... Now that he's in power (Budget not Banking) we'll see what he does. He's got line item veto power- The position never had that in the past. I'll trust my Friend, until he violates that. He's brought up cuts in the 3rd rail of politics, that takes...
maryanne: (February 02, 2011 11:33am)
I thought the "federal reserve" was not actually a governmental agency?
Chuck@HRC: (February 02, 2011 11:10am)
Mark: Lets get real! The procedure for suing a Federal agency is to FIRST get DOJ's approval to bring suit. Yes, this might look stupid on the surface, however, the real problem is Federal agencies have general "immunity" from being sued for actions related to their jurisdictional authority.
5pence: (February 02, 2011 11:07am)
Ohh boy, Ryan and the lock step republicans that head the new banking committee? Good luck with that. Lock step, sounds nazi-ish doesn't it? Abandan hope all yee who enter here. I'm done for the day, maybe some of you get it and want to organize. Look at what happened to appraisers despite their best efforts, and with the help of F & B's delivery of over 120k signatures to Cuomo's office - appraisers, consumers and brokers still got the brush off. Not the least bt of concern. I know it's hard to admit, but as every appraiser that has left the field or is struggling through slave wages now knows, the government doesn't listen. They are in debt to the banksters and do their will and their will is not your will. Have a good day and don't forget to consider the facts in your decisions.
Chuck@HRC: (February 02, 2011 11:00am)
5pence: You are correct that, prior to January 2011, no one cared to listen to the smallest players (i.e. appraisers and mortgage brokers) in today's mortgage industry. Now, there are legislators that are, at least, professing to be interested in looking at these pending rules sitting as Committee Chairs. Given the backdrop of the January Executive Order requiring review of ALL pending legislation and the SBA Small Business Advisory Board's follow-up letter to the Fed, a concerted effort now may be more fruitful! Daggone: Please post info for everyone to participate.
fledermaus: (February 02, 2011 10:49am)
BTW- My Fraternity Brother is Paul Ryan, who is the House Budget Committee Chairman, and gave the Republican Response to The Presidents State of the Union. I'm working on getting this to him -but you can imagine EVERYONE is his friend now... Point is- we all know someone who is a friend, or Friend of a Friend, and we have more access and power than we think... TIME TO USE THAT- Use it -or- loose it!
mark: (February 02, 2011 10:48am)
If this does go through, we have the basis for a class action suit for discrimination, unfair business, restraint of trade etc.
MortgageBiker: (February 02, 2011 10:44am)
"Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion...when you see that in order to produce, you need to obtain permission from men who produce nothing...when you see your laws don't protect you against them, but protect them against you...when you see corruption being rewarded and honesty becoming a self-sacrifice...you may know that your society is doomed." - Atlas Shrugged, Ayn Rand
E = E Enough is Enough
5pence: (February 02, 2011 10:41am)
fledermaus, try all you want, I'm just talking from expeience. For 2+/- yrs appraisers all over the country petitioned their representatives and look what we end up with. Nothing. Ohh, they'll listen, but they won't do anything. When the head of the Banking Committee believes Washington and bank regulators are there to serve the banks, what happened to appraisers makes prefect sense in the context that the groundwork is well laid for the next privatizing of real estate professionsals - you. They don't care, believe me. They care as much as the big banks will allow them to. Literally thousands of appraisers were writing every day can making calls for change and nothing happened. We were able to stop AMC's from calling themselves "appraisers" but other than that, the banksters got their way. You guys really need to learn from our experiences and I'm just trying to help. Hope and a couple dollars will get you a cup of coffee. @ Randy - good post, including the divine intervention comment
Chuck@HRC: (February 02, 2011 10:34am)
FOR ALL CALIFORNIA ORIGINATORS: Anyone wishing to contact Representative Darrell Issa regarding the Fed's LO comp. rule need to talk to Veronica Wong in Mr. Issa's D.C. office (202-225-3906, fax: 202-225-3303). Ms. Wong handles legislative issues and this should be right up her alley. NOTE: Every legislator has someone in their office handling legislative affairs. Sending info (letters, videos, etc.) through their website will probably not reach the responsible person in that legislator's office unless specifically directed. If participants in this forum contact other legislative affairs aides, please post that person's name, location and phone number so all of us can contribute to the effort to have implementation of this rule postponed (better yet, withdrawn!).
MortgageBiker: (February 02, 2011 10:34am)
"Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion...when you see that in order to produce, you need to obtain permission from men who produce nothing...when you see your laws don't protect you against them, but protect them against you...when you see corruption being rewarded and honesty becoming a self-sacrifice...you may know that your society is doomed." - Atlas Shrugged, Ayn Rand
E=E Enough is Enough
W.R.Buchanan: (February 02, 2011 10:31am)
Hey guys! wake up. The FED/banks want mortgage lending to come to a screaching halt! Then they can enact what ever they want to "FIX" the problem. Do you guys realize the number of foreclosures that would be triggered by a complete inability to refinance or obtain a loan? With the banks making a good profit(in their eyes) on every foreclosure by being subsidized by the Fed it is a real small step to force as many foreclosures as possible before the subsidies get shut down. One point that needs to be driven home here. The banks DO NOT CARE ABOUT YOUR BUSINESS, YOUR LOSSES, OR EVEN YOUR DOG! They ONLY care about their bottom line profits. Period. All of their strategies are directed to furthering that goal, and they are way ahead of us. I personally see doomsday on Dec 21 2012 as the next complete implosion of our financial system. I only pray that divine intervention will stop these maniacs before they are allowed to kill this country. Randy
fledermaus: (February 02, 2011 10:30am)
Mike8307- I'm in Jupiter. You must be in Tequesta North? Congressman T. Rooney Just bought a place in my Mom's development in Tequesta. I'm working on getting access to him too- Many like Alan West very much.
5pence- Something must be tried... Illegal Amnesty was stopped by grassroots protest via calls and fax via numbersusa.com It works in the same way that if you don't get enough votes come election time -you go away-. Many went away this past time because electorate was P. Off. So they care, they just try to play both sides- Lobbyist and Corps for donations and how to vote, and watching public outcry for keeping their job...
Lovinlife: (February 02, 2011 10:04am)
Is it not ironic that the big banks blame the brokers for the issues we are experiencing when the fact of the matter is that the big banks created the programs & guidelines that were provided to the brokers and in turn sold to the consumer.
Maybe someday Corporate America and our Governmental Agencies would take responsibility for their actions and move forward rather than try to further monopolize on the mortgage industry. Are people really this blind or just not informed
mdeery: (February 02, 2011 9:59am)
Are we bloody surprised that those bastards at the Fed cannot reply appropiatley? Because no one over there probably has read the regulations on LO comepnsation just like Obama and his mates did not read the health car bill or the stimulus package. Absolutely insanity they are passing these rules blindly. As for the Fed well Bill Gross summed it up perfect this morning when he compared Bernanke to satan..see his February newsletter http://www.cnbc.com/id/41387362 You are appeasing the bankers with your QE free money who will one day piss on your grave Bernanke when the markets hit the fan once you pull the plug on your QE money. There is my rant for the day LOL
doitright: (February 02, 2011 9:58am)
Thanks Frank and Brain very professional today , good job. It is hard to trust you when you joke around on serious issues . Maybe get a smaller teletype you are reading off , it is little nerving seeing your eyes move as you read, or remember your lines ! I have my suggestion of the day , since we have proved letters and emails go nowhere and no one wants to do a Loan Officers Union or ban together and refuse to write a mortgages we should all arrange a day and time to collectively visit our Congressman's office . All at the same time, that will help get the national attention we need. Just pick a day and time and lets see how many of us will get in our car drive park and not leave the Congressman's office until we get some action. Does anyone back me ,I promise you the letters are useless , yo and the the NMBA are just wasting our time with letter writing updates , totally useless , ask any politician out there , lets pick a date and time and all visit them .
Chuck@HRC: (February 02, 2011 9:32am)
The February 1st letter from the SBA Small Business Advisory Board to the Fed should be MANDATORY reading for everyone in this forum. Note the "political-speak" used throughout. As has been observed here and in other forums, the Fed is just trying to exercise whatever authority it believes it has (to be removed to the CFPA in July) before it can't. Lets see if our elected officials can put two plus two together and see that this rule actually further concentrates mortgage lending activities in the TBTF (they already control 80+% of all home mortgages) and over 70% of all deposit assets.
5pence: (February 02, 2011 9:21am)
I wish I could say they or someone listened to appraisers so we could point you guys in the right direction. But alas, none listened that we can point to that could make a difference.
LP1MC: (February 02, 2011 9:19am)
It's great to see that a few of us disgruntled mortgage originators are fighting back. I can only hope that we and many more of us are following through with financial contributions and by contacting our regulators and voicing opposition. Why isn't the NAR weighing in on this. They can lobby with the best of them. We need their support "for the good of the order." Most Realtors haven't a clue about these issues...
5pence: (February 02, 2011 9:19am)
GODLIKE, do what you will, they are not listening. Admit that and half the battle is won
Daggone: (February 02, 2011 9:18am)
I've contacted my congressman and senators. Additionally I contacted Darrell Issa (CA) a few days ago who asked on his website for feedback from businesses as to what in Washington his hindering their growth. The day I looked at that there were like 161 views. We need tens of thousands of us fighting back on the comp rule and still the appraisal independence rule - which is anything but independent for all of us! Also, I followed the NAMB call to action as well. Bury them in emails.
Mike8307: (February 02, 2011 9:15am)
fledermaus-- You're just down the road from me a bit. Allen West is a great American and great Patriot, has served the country with distinction in uniform and will continue to server with distinction in Washington. The entire country will know his name. I will send an email to Tom Rooney who represents us up here. Unfortunately to our west is Alcee Hastings. Disbarred from the bench (no easy task) has been a member of congress for a decade and is always at the top of the list for corruption. Hastings is famous for saying.. "all this talk about rules, we make them up as we go along". A fine example of what happens when people assume that their elected officials have their constituents interests at heart.
GODLIKE: (February 02, 2011 9:12am)
5pence day after day you spout drivel. How about toning it down a little. Do a little real work and post only a couple of times a day so that sane people will/can post. Your rhetoric makes it difficult for the blog to have any credibility when we pass the video link to our elected officials. If we'd like to be taken seriously then we need to act and talk responsibly.
Mike8307: (February 02, 2011 9:03am)
Lefse2409.... yes yes, yes, yes, yes, yes and yes. Except that Barney Frank was up in arms about bonuses given to AIG employees and threatened to use the tax code as a weapon with 100% tax rates, while Fannie and Freddy got their bonuses to the roaring silence of Barney Frank. We have little Timmy The Elf running the Treasury who said, "there will be other times for profit". And a man in the White House who told a plumber that it was going to be necessary to spread what the plumber makes around so everyone can have more. So while it might be unprecedented, it certainly wasn't unexpected. When politicians get taxed for the windfall profits on books that they have written (after all they're not authors), then things will change. This is the Dope and Strange
that morons came out of the woodwork to vote for. Morning in America has become Mourning in America. Rise up, or get trampled.
5pence: (February 02, 2011 8:57am)
Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, says the role of Congress and federal regulators is to "serve" financial institutions.
"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," Bachus told The Birmingham News in an interview.
What chance do you guys have if bank regulators are there to serve the banks?
5pence: (February 02, 2011 8:43am)
Some have said it before and I'll mention it again, your congressmen aren't listening. They didn't listen to appraisers and they won't listen to you. You have an advantage though, you've seen what happened to appraisers and can better prepare. They aren't listening, their hearing aids are turned off when it comes to anything outside the banksters interests. Did you hear what the head of the banking commission in congress said? Regulators are there to serve the banks. Really.....
chillcamas: (February 02, 2011 8:35am)
OK, to make it very easy for everyone to contact their congressional leaders. Here is how: type "Congressional email directory" into google to find your senators and representative's email addresses.
Then put in your message. I will paste mine below, in case you want to use it as a starting point.
Here it is:
The Federal Reserve Board’s has a ruling on Reg Z that is currently scheduled for implementation on 4/1/11. As has been noted by the Advocacy Office of the SBA (which was put in place by Congress), the Federal Reserve Board is acting illegally in their implementation of this rule.
If you contact the SBA office of Advocacy, I am sure they will outline the issue for you. Alternatively, I have a 5 minute video that can help bring you up to speed on the issue, if you are not already aware. Please go to this web-page:
http://www.thinkbigworksmall.com/mypage/archive/1/57844/
I appreciate your help in this important matter.
Best Regards,
name
JohnAppraiser: (February 02, 2011 8:34am)
... a new crop of appraisers, self trained in a sweat shop of 10 appraisers with a supervisor that could not making any money by actually working with them on today's fees are ready to take my place. Next bubble coming in 5-10 years.
JohnAppraiser: (February 02, 2011 8:31am)
Yes 5Pence and imagine how much profit there is in taking the LO's commision as well. The banks want to own and control EVERYTHING they touch... and with our governments help they soon will. The thing that bugs me the most is they went after the appraiser first. We are the guys who have to be the most neutral, make the least from a home sale, and get paid last, usually a month or so after the closing. Home/termite inspectors get paid at the door (which is a no no for us now),and the lenders, real estate agents etc. all get their big checks at the closing table. Weeks later a $200 - $250 check is mailed to the appraiser. Then sometimes a month or two after that they are STILL asking for revisions on the report so they can better sell it to the secondary market. They want everything now, aerial views, 6 comps, 2 listings, explain the market turns, check if the 10 year old addition was done with a permit, etc. I am already looking to escape into real estate investing. Don't worry though..
5pence: (February 02, 2011 8:18am)
oops, $400 jobs for $200.
5pence: (February 02, 2011 8:17am)
"Wall St pay is rising, while income for normal Americans has stagnated. Even as the real economy limped, financial firms paid employees a record sum last year, the Wall Street Journal reports. In 2009, the last full year data are available, average wages for Americans fell 1.5 percent from the previous year, according to the National Average Wage Index. Median household income in 2009 was "not statistically different" from 2008, according to the Census Bureau. But total pay at Wall Street firms rose 5.7 percent in 2010, as the 25 companies that have already reported results shelled out a record $135 billion." More good news : Wells Fargo reported it originated $386 billion in home loans last year. At $200k per loan from re-fi's, that's about 192,000 loans and about $38,400,000 it confiscated from appraisers doing $200 jobs for $200. And that's just 1 of the TBTF's. Incredible ehhh? I'm going to venture that Wall St bonuses will increase yearly from now on while Main St wages drop.
Lenderwench: (February 02, 2011 7:57am)
Lefe2409 well stated. Where's the ACLU? Income regulated, government banks, what's next? How many children we can have, professions decided by the government we are already controlled by Czars...Welcome to the Socialist Republic of Obama
5pence: (February 02, 2011 7:32am)
Yes, Lefe2409, all will be assimilated. Plumber management companies, carpenter management companies and on and on. The days of the individual contractor being able to make living wages is on it's last legs. It's all being privatized for the benefit of the overlords. 1984 is arriving a little late but it is ariving : “War is Peace” "Freedom is Slavery” and “Ignorance is Strength.”
JohnAppraiser: (February 02, 2011 7:31am)
The "Borg" was EXACTLY what I was thinking of too but was afraid to get too geeky.
Steven Saenger: (February 02, 2011 7:22am)
Well said Lefe2409!!! I completely agree!!
Steven Saenger: (February 02, 2011 7:17am)
Dan, You obviously don't know how the mortgage lending business works. The as you put it "too-big-to-fail banks" probably lobbied for this language in Reg Z. It hurts the correspondent lenders and brokers. It will restrict channels of lending. The "too-big-to-fail" bank would love to see everyone have to come into their retail brick and morder establishments. It limits competition and will hurt the consumer!
5pence: (February 02, 2011 7:17am)
Unless you're in a union or a guild you aren't recognized as essential or necessary. It's the power of "cost-effective" over individual rights. It's not a free market anymore. For the Fed to have power over independent contractors to dictate their compensation says that. Like the Borg say : You will be assimilated and work exclusively for the collective. Our only real defense against this is organization on a national level. Our government has been stolen and the only bright spot is that Obama stands up for unions or guilds.
fledermaus: (February 02, 2011 7:15am)
Lefse2409- Great analysis. Absolutely true! I hope anyone who is going to fight this states those points. IT'S ILLEGAL!
justsomedad- Amen Brother, I gotta feed my 3 kids 6 and under (and my stay at home wife ;-) WTAF with our country?
TO ALL- PLEASE spend 5-10 minutes and get to your congresspersons website and 'weigh in'. Then please say that you did here. It's depressing to think of everyone bitching here -but not doing ANYTHING...
JohnAppraiser: (February 02, 2011 6:45am)
I feel for you LO guys out there. All of my freinds who were independent brokers ahve thrown in the towel and work for someone else now. I say fight if you can. Odds are you guys will end up like us appraisers, sheep to be sheared. I got into this industry with hopes of getting trained, certified, then building a reputation and getting to make $400+ per assignment. My thought then were how 20 a month could make me a nice living. Now I work for bank controlled AMC's at $250 a pop and I NEED about 40 a month. I have only gotten 20 for the last few months and am going under. I am shifting myself into more rentals and flip houses to stay afloat which is harder without strong regular income. Act now if you can do something or your options will be fewer. Unfortunatly us appraisers have NO organizations really looking out for us.
DanSchweihs: (February 02, 2011 6:29am)
Mortgage lending will not come to a halt. The too-big-to-fail banks will continue to do what ever they want to do. Yes, honest smaller firms will follow the law and stop lending because they will face consequences if them don’t. Too-big-to-fail banks do not have any consequences if they don’t follow the law (just like in the foreclosures area) so the too-big-to-fail banks will behave rationally and continue to do what ever they want to do.
voltaire3: (February 02, 2011 6:23am)
How about that sports fans!! TBWS twins get it! They sat their tumblers down, discarded their racquet ball garb (neither of them have ever played?? ha!) and took up real legitimate cause. Our compensation IS our survival. Their videos really are an asset in getting out the message. Many kudos to the two of them for realizing the importance of this cause. Years ago I heard Bob Earlich a congressman from Md, later the Governor, tell 200 or more of us mortgage brokers,"be proud of what you do, don't back down to anybody about your profession". Like Cluessdad said we should all support Marc Savitt when he establishes a lawfirm and a lawsuit. Nah, don't support him, let someone else save your skin.Ride the backs of others - are you a taker or a giver??
justsomedad: (February 02, 2011 6:19am)
What has happened to my country?
The idea that the Federal Reaserve claims authority to dictate how a private company compensates a free citizen discusts me.
Lefse2409: (February 02, 2011 6:08am)
It is unprecedented that government is regulating compensation of private individuals in a private business. This is absolutely disgusting. Isn't this in direct violation of FTC rules concerning freedom of trade? By classifying the broker company the same as the individual LO working for the broker, but allowing the banker company to remain separate from the bank LO, doesn't this rule create an unfair advantage for the banks? This is anti-trust and is clearly illegal under FTC rules. This clearly creates an oligopoly in the banking sector. Where is the FTC in this fight? Who is next? Are they going to regulate how much bakers or florists can earn? Or how about software sales, or cell phone sales? Plumbers... that's another one. How about electricians or lawyers? Accountants? Seriously, where does this end? This rule has to be stopped. Our contry was founded on principals of capitalism and freedom of trade. This is 1950s Soviet era communism at its worst. Shameful...
Clulessdad: (February 02, 2011 6:04am)
Here is a good one for all DRE brokers out there. I am a small guy, a one person shop. I use a contract processor to do my deals. I have used her for years. She in turn processes for several brokers. Yesterday, I found out that a contract processor who works for multiple brokers MUST have a RE Broker's license from the DRE in CA. In many states that wouldn't be that big a deal, but the DRE has some pretty high standards, including a 6 hour broker test, that is equivalent to a law exam. I spoke with the DRE yesterday and they said that even a contract clerical position called a processor must be licensed. And if a processor is W2, he may only work for 1 broker. I can't afford a full time processor, so I will have to do it myself. What fun!
Clulessdad: (February 02, 2011 5:50am)
To all the Real estate pros out there. Marc Savitt and NAIHP is going to file a lawsuit against the Fed, but they need money to do it. This illegal act by the Fed must be stopped. Please go today to www.NAIHP.org and become a member for $50 today. All of us can afford $50 to help fight this fight. If you don't contribute and help fight this fight, you should get out of this business. Join today. And get your wholesale reps, title reps, escrow agents, and RE people involved. First it was the appraisers, now brokers, next are the RE people. Think about it. Who will own the RE in this country? The banks from all the foreclosures. If I am a bankster, why would I pay 5-6% on sales agents when I can hire a $35K agent to show my listings? Fight the fight today! Contribute to NAIHP.
fledermaus: (February 02, 2011 5:20am)
I've e-mailed an explanation & link to Allen West, my new congressman @ West Palm Beach FL.
Divedude: (February 02, 2011 4:25am)
Is it just me or do the Fed's action or inaction appear to coincide with the big banks apparent attempt to eliminate competition? They write a four page letter which says nothing just to go through the motions. We're being played here! We need to make this a popular issue with our politicians and the sheep will follow.
