Daily stories continue to appear in local and national media on the mortgage crisis, the housing slump, and high foreclosure rates. Seldom do we see any positive news among the doom and gloom articles and cartoons. I have mentioned the Memphis Area Association of REALTORS Hop Off The Fence Campaign in the past which provides realistic information about what is going on in housing.
The so called “crisis” was not caused by the typical home buyer, who qualified for a loan. The crisis was caused by GREED -mortgages were given to folks with no money in the bank, and in some cases no source of income. But nothing free comes without a price to someone. Very few of the reporters have attempted to Follow the Money. There was money made at every step of the easy mortgage game. Everyone in the business knew the house of cards would eventually fall. The media didn’t pay much attention when the real estate industry decried predatory lending.