Bad Boys, Bad Boys, what you gonna do…

Everyone hide! The FBI is looking for YOU! Yes you sitting behind your laptop sipping your $5 Starbucks cappuccino and muffin. SFGate reported that the FBI is out looking for the culprits of the Mortgage Meltdown we have all been living through. But, “unlike other big financial scandals such as Enron and the savings and loan crisis, the perpetrators are not a cadre of easy-to-finger folks in the executive suite. Instead, they’re everywhere in the mortgage food chain. Borrowers who lied about their income, mortgage brokers who flogged risky loans, appraisers who inflated home values, lenders that originated dicey mortgages, Wall Street firms that packaged them as securities and sold them, ratings firms that said those were safe investments – many participants in the market pushed the envelope, or, in some cases, may have committed outright fraud.

Does this description fit you?

Did you help a client “round up” their income because you knew that might have pushed them down 1/8% on their loan? Did you price that property in 2005 $10k too high just to see if someone would bite?

The Solution (is there one?) My Solution

If you think you will ever feel wrong by the transaction you are contemplating, do you think it would be better to be able to look at yourself in the mirror at the end of the day rather than have received a commission you may not have truly deserved? I say this all preachy-like and am in no way perfect, but it seems like when we ask ourselves what’s most important to us in life, our ethics and personal values will far surpass the number in our bank account we all seek after.

I guess this article got me thinking that at the end of the day, I can go forward a better person than I have been in the past if I choose to live the values I espouse.

* Sorry about the sappy-ness, but I am running under the influence of two people that I care about passing in the last week and have thought much of the man I am and want to be when that day comes. *

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4 Comments

Filed under RE News

4 responses to “Bad Boys, Bad Boys, what you gonna do…

  1. Chad, I like your self reflection. I hope others follow your lead.

  2. Thanks Lani. When I stopped to think about what I posted last night, I initially thought I’d look like a goodie-two-shoes or something. But, after looking back over at the post this morning, I’m glad I did it. Thank you for your kind words again.

  3. There’s something to be said for ethics for sure, especially in the real estate business, where agents’ ethics generally rank right above used car salesmen in the public’s perception.
    As for pricing a property “$10k high to see if someone will bite,” you don’t need to be unethical to do that. Depending on the property, you might just need to be stupid. It’s relative to the real value of the property, of course. $10k high on a $1mm home is different than on a $100k home.
    The toughest battle I fight is convincing sellers that what I percieve as stupid on their part. someone else is considering unethical on mine.

  4. I agree with you. FBI have more than need rights to look for people.

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