Neal good idea. I will make a sticky out of this thread.
Yes we all must keep an eye in this. I still say that since this is Sen. Barack Oboma’s second attempt at this Bill he is on a mission.
Rhonda made an excellent point in her
real estate blog when she said;
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This Bill also contains mandatory reporting for “any suspicious activity by an individual or entity”. Now we really go down a slippery slope here. I have been involved in real estate litigation before. The case of “if I did not know I should have known” was brought forward by the plaintiff’s attorney. Now while I did prevail, I would be at risk any time I walked into a court room.
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There are just so many aspects of this Bill that is dangerous to anyone in the real estate industry.
I followed one of the track backs to this thread (listed blow). Interestingly enough the initiator of the thread applauded Sen. Barack Obama’s efforts. This guy obviously has issues with real estate agents. The funny thing about it is that he is a Home Inspector. I have a few thoughts;
a) If homes sales slow so will home inspections.
b) If Mortgages get harder to get home sales will slow.
c) If Interest rates raise home sales will slow.
d) The graphs he uses make no sense. Historically the higher the interest rates go the lower the rate of home sales go.
e) The Stop Fraud Act sponsored by Sen. Barack Obama states;
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and any other provider of professional services engaged in the mortgage process.
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f) That includes YOU Mr. Home Inspector!
Now I started to post in the Home Inspectors Forum but it looks like it is for just members of a professional organization so I did not. So if the Inspector would like to come here and show support for Sen. Barack Obama and the STOP FRAUD Act he is more than welcome.
By the way Neal, the Home Inspector is out of St. Louis.
Just my 2¢ worth,
~Mack