Real Estate Forums

Jade456 · 03-02-2008, 02:56 PM

Given the current state of the industry, some type of legislation is going to pass.

SEOWolf · 03-02-2008, 04:26 PM

Jade456 I am sure you are right but this really puts us all at risk and will make mortgages almost impossible to get.

Neodemes this is not rhetoric, he has introduced two versions of this Bill. That would indicate to me that he is dangerously committed to this Bill. Given the fact that he is the presumptive Democrat nominee we can only assume that he will push this agenda if he becomes President.

Rhonda has published her 1st real estate blog post on this subject. She is still doing research on the subject and plans to break this up into a mini-series. Apparently she has uncovered even more lofty plans for our industry by Sen. Barack Obama.

~Mack

LVH · 03-02-2008, 05:43 PM

Neo & Jim I couldnt agree with you more. Mack will be SHOCKED to see me say this but if Obama is the pick of the Dems, I will vote republican for the first time ever in my life.

As stated Obama is all speech and fluff. I told a friend of mine3 the otherday if Obama becomes president I would consider moving out of the country to maybe the Bahamas.

NealRM · 03-03-2008, 04:56 AM

Mack,
Can you add a sticky thread with a link to the bill's webpage on the congress site. I think this is something that all Real Estate Professionals should keep an ete on.

The last time I checked, this was in subcommittee. This would be a good place to get modification done to the bill's wording. I would like to see the bill restricted to those that actually handle the loan process and wording to better define fraud with relation to this bill.

REALTORS® you pay a lot of money to NAR. Some of that money goes to lobbyists. I would suggest you contact NAR and your congressman and state your concerns. Don't wait, now is the time to stop or change this bill.

SEOWolf · 03-03-2008, 11:48 AM

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;

Quote:

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.

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;

Quote:

and any other provider of professional services engaged in the mortgage process.

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

NealRM · 03-03-2008, 07:27 PM

That last phrase is really troubling. Who knows how far some lawyer will take it. You get some sue happy lawyer with a client thats greedy, even the clean service wont be safe.

SEOWolf · 03-03-2008, 08:01 PM

The way it is written Neal everyone is at risk.

Additionally after this starts a tsunami of litigation cost such as insurances such as E&O will skyrocket even though most E&O insurances will NOT pay on claims involving “fraud”. But these costs will be past on to who? The consumer that’s who.

This legislation proves beyond a shadow of a doubt that Sen. Barack Obama clearly does not understand economics and is not ready to lead a nation on the brink of a recession.

As we have seen this year, housing affects every aspect of the economy. Sen. Barack Obama’s cure for a dog with a broke leg is a bullet.

Amazing!

He is on record stating that African American’s are subject to greater scrutiny for home loans. If that is truly the case, worsening the credit crunch and making mortgages even harder to get will adversely affect in disproportionate numbers those he claims to champion.

~Mack

NealRM · 03-04-2008, 07:42 PM

Does anyone know what NAR is doing about this? I keep preaching about the REALTORS® contact NAR and using their lobbiest to stop this bill. Has anyone listened??

SEOWolf · 03-05-2008, 02:41 AM

Quote:

Originally Posted by HHI Golf Guy

Whenever I hear Obama speak the phrase that comes to mind is "charismatic leader". And by that I mean the Book of Revelations reference.

Ouch. I have't thought about that. Interesting.

Neal I am not sure about NAR. I have been way too busy to even check. Hopefully one of our other Members could check into that.

BTGOG Sen. Hillary Clinton won the Texas, Ohio and Rhode Island primaries last night. Now while I do NOT support Sen. Clinton I will sleep easier if the race for the Whitehouse is between Clinton and McCain.

If we do get a Democrat for our President I would by far prefer Sen. Clinton. The Presidency is a poor place for OJT for Sen. Barack Obama. Especially with our economy in such a fragile condition.

And Sen. Barack Obama clearly does NOT understand what a major impact the housing industry has on our economy.

~Mack

SEOWolf · 03-05-2008, 10:09 PM

Tempting as it is to turn this into a political thread we need to stay focused. While normally we have political threads at the bottom of the forum this election is significant enough that it needs top billing, so I have moved a couple of the last posts to a new thread titled “Elections 08” in Real Estate Shop Talk. If it is good enough we will make a sticky out of it.

In order for the thread to have real credibility we can not engage in bashing and this issue transcends politics and party lines. Even some of our die-hard Democrat Members here in this forum have pledged to support Sen. McCain if Barack Obama is their party’s nominee. This legislation should be a red flag for Sen. Barack Obama’s leadership abilities.

We have a VERY serious issue here with the STOP FRAUD Act as it has been proposed by Sen. Barack Obama.

Neal continues to ask if anyone has contacted the National Association of REALTORS® (NAR) and no one has responded. If one of our Members is waiting on a reply at least let us know in this thread.

And for God sakes, spread the word about this thread. Email a link to everyone that you know in the real estate industry. And our Democrat Members can email a link to all of their liberal friends and family so they help support Sen. Hillary Clinton. Try a chain email – email this link with a brief explanation to your 12 best friends, have them email their 12 best friends, and………

The effect of the STOP FRAUD Act will affect us all.

~Mack