Sam's TEAM Blog

It is little wonder consumers are on the sidelines related to homeownership.

In this post "mortgage meltdown" era, talking head news readers mouth words written by others yet they seldom understanding the nuances of the lending industry themselves.

Franklin Roosevelt is credited with saying "the only thing we have to fear, is fear itself.

In a nutshell, the foreclosures now at "record levels" headline applies only to a few markets where the boiling and roiling of speculative housing purchases popped like a cheap birthday balloon.  In the Northwest, Seattle, Portland and other larger municipalities are seeing less activity than in the past, but nothing like the scorched earth of the TV headlines.

Real estate is now, as it has always been, location, location, location.

Well here we are.  Halloween.  Perhaps the scariest thing this trick or treat season is the deft hand shift of blame regarding the "mortgage meltdown", as it has been termed.

The real perpetrators of this scheme as noted here previously, are the market makers on Wall Street and the ratings firms Moody's, Standard & Poors and another company, Fitches.

These 3 firms, on whose judgment investors in the U.S. and worldwide depend, have managed to remain in the shadows, while the dimwitted, unschooled reporters who cover the financial beat for the pedestrian press fan the flames of fear and blame mortgage brokers in word if not by innuendo.

Some recent articles have noted the culpability of the ratings firms for their collaboration with the plunderers on Wall Street, one of whom is now departing a major Wall Street firm with a north of $69 million dollar parachute.  But these articles have appeared in more focused monetary publications, and seldom if ever noted in the wasteland of news, the broadcast media. 

The facts however are this:  a wide range of mortgage instruments are available, even 100% financing options, to most borrowers.  You just have to work with a knowledgeable professional, like myself, preferably a CMPS, Certified Mortgage Planning Specialist.

And it is not Trick or Treat time either, it is a great time to shop for a home with a well-versed Realtor/property advisor and a prudent, well informed lending planner.