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The Broker
Some people call me the innovator, yeah
Some call me the gangster of subprime
Some people call me Mozillo
Cause I speak so pompously in primetime
The media talks about me baby
Sayin your loan docs are all wrong
Well don't worry if your income is exaggerated
Cause it's what it takes to get you in a home
Cause I'm a spinner
I'm a liar
I'm a forecloser
And I'm a winner
Doin' what it takes to get the deal done
I'm a Broker
I'm a forecloser
I'm just mediocre
If I mark to market then I'm done
You're the cutest no-doc
That I ever did see
You'll sign any contract
With a pre-pay penalty
Money money money money in the pipeline
Two points on the backend I'll be rich in no-time
Cause I'm lender
I'm a spender
I'm liar
And I'm a winner
Sittin' in my leopard skin chair
I'm a Broker
I'm a forecloser
I'm just mediocre
With no rules everything is fair
Fabulous, Tanta!!! I was humming it in my mind, reading your words.
Also, be sure to read the LA Times today, which begins:
"The rise in the state unemployment rate last month stoked concerns that job worries, along with rising gasoline prices and a stumbling real estate market, could make consumers skittish about spending. ... The deterioration was due in large part to the slump in home construction." According to script.
Simon & Garfunkel... Does it get any better than that? I don't think so!!
Maybe part of the reason we have such a problem with "loan sharks" today is that the music today is so soul-less...
That as the best so far Tanta...
"I have squandered your down payment ..." Down Payment!!! That's so ...... 60's. The lads reading today won't recognize the artists or the concepts.
Besides, it's not the broker's fault. He's just got to keep the customer satisfied, satisfied.
Now I've got "Cecelia" going through my brain, and it will probably stay there all day.
I like it, Max, but I wished you had considered leaving "Pompatus of loan." It has a nice ring to it.
Mama look down and spit on the ground
Every time my loan gets mentioned
Papa say "Joker! If I get that broker
Gonna put him in the house of detention . . .
I like it, Max, but I wished you had considered leaving "Pompatus of loan." It has a nice ring to it.
Sorry, the caffeine had worn off by then. Also there are surprisingly few good words that rhyme with "broker". I guess Steve Miller isn't known for his great lyrics anyway.
Regarding the CA unemployment rate. I wonder if that has be a good leading indicator for the rest of the country? Might be worth the research.
CR, Tanta...
I was wondering if the loss of realtor, mortgage broker and, potentially, construction worker earnings could be reasonably guesstimated by extrapolation from sales, loans, and completions.
Just a thought.
Don - The Housing Bubble has a couple of links posted on Nevada construction employment. It seems to be just tipping over. Florida is getting hurt too. I think the big drops in permits signal the trend now. Completions will probably keep falling for quite a while.
The whole thing is depressing, but I don't think anyone can claim shock.
Tanta, this was a really good one! It immediately started playing in my head. I think the blog must have a concentration of people of a "certain" age....
"Regarding the CA unemployment rate. I wonder if that has be a good leading indicator for the rest of the country? Might be worth the research."
What I consider a good leading indicator is that California new car sales for the first part of the year are down 7 percent over last year, vs. 1.5 percent down for the rest of the company. Sorry, I don't remember which paper. But I wouldn't be surprised if the slumping real estate market had an effect on how many cars were being purchased through home-equity based solutions. I would be curious to see how large the slump in new car sales, if any, was in Florida (another real estate trouble point).
Bob - try
"Motor vehicle sales fell a resounding 7.6 percent in the United States last month, and analysts said the troubled housing market was a chief culprit. ...
"Auto analyst Art Spinella, head of Oregon-based CNW Marketing Research Inc., said California and Florida account for "the vast bulk of the decline" in the nation's vehicle sales in April."
Oh-oh
If it doesn't keep running through my head keeping me awake I'll thank you for that, Tanta. And probably curse my parents for allowing me to listen to old 8-tracks in my formative years. I haven't hit 40 yet and I immediately put the lyrics to the song before I ever saw the video. I was in need of the smile.
I'm still trying to wind up yesterday as you can tell by my post time. Who's bright idea was it to start today already? I didn't get the memo...Wait, who needs sleep. I'm off to find Jim Croce's "Car Wash Blues". There may be something there to work with....
by golly that's good!
I don't know which was better- your lyrics, or that great video of S&G.
Thanks for the smile Tanta.
Tanta & Max bravo ! ! ! !
Does anyone remember the youtube video that was titled "Mortgage Gangstars"? It was very Boiler Room esque... The JP Marlow office on with Vin D. on the phone... I cant seem to find it on youtube but I think it would be a great clip for news stations right now....
.............
In order to get a loan approved a broker has to abide by the guidelines set forth by the bank. If he doesn't then the loan gets denied. When a bank approves the loan and customers can't pay, that is the customers fault. There are loans out there that aren't lies (stated income) including NO DOC programs where you submit no documentation and NO RATIO programs where you can purchase a house and ignore debt to income ratio completely. Those are legal loans where no lying is involved and when a consumer qualifies by these "creative" means and they can't make their payment it's not the brokers fault nor is it the banks fault. It is the consumer who needs to take responsibility for their actions and no bail outs should be there to help them. However, that also means you can't attack the broker either.
Also, if the broker does earn rebate...which by the way by law IS DISCLOSED on closing statements (at least here in California), there is nothing inherently wrong with that. Everything I or you by is marked up at a premium and you know it. Why is it looked down upon when a broker does it? On top of that, mortgage lending and real estate is one of the most competitive industries to be in. That being said here in California roughtly 1 in 30 people have a real estate license. That means that competition is fierce. People have the ability very easily to compare mortgage quotes and if they don't do their homework and did business with a broker who charged them TOO HIGH A RATE in order to earn "rebate" from the bank, the consumer should have shopped around because they were taken and ultimately that's is their fault for doing business with a greedy broker.
Oh yea, just so you know...mortgage bankers like Countrywide, Wells Fargo, Bank of America, Washington Mutual etc...banks that actually loan their own money, DON'T HAVE TO DISCLOSE THEIR YIELD SPREAD PREMIUM. Broker's as I said above...do. So who's worse the broker or the banker...at least the broker discloses the rebate.
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