OK… so the knock on Obama is that he is naive and inexperienced.  Well, his commentary on the real estate and mortgage market issues proved it.  His comments could not have been more canned… plus he did the one thing that should earn him a flame by every NAMB member… he blamed the mess on Mortgage Brokers!!

Ok Senator - let’s get this straight… the person that buys wholesale and sells retail is the person at fault in this mess??

Not the banks that wrote the loans… their underwriters that overlooked glaring errors… their investors that wanted risky loans to get higher returns?

Not the untrained bank employees who would close any loan that any customer would ask for walking off the street???

It has nothing to do with the borrowers themselves, eh?  Democratic nonsense!

Funny - Sen McCain sees a little different view on how to fix this mess because he thinks that if you can prove that you did not lie on your application then you could be innocent - but if you can’t then why should the taxpayers foot the bill for your bail-out?

Yes - Sen Obama is right - there is still a large part of the homeowner population that is in peril of losing their house and thereby adding more distressed inventory to the already flooded market.  But maybe those are just the spoils of a real estate boom??  What goes up must go down?

I don’t like getting late night calls from people looking for a way out of financial ruin.  It is bad karma for my nightly rest…  I can only help my karma by trying to provide the best service and knowing in my heart that I never wrote a loan that put someone in such a bad place.

On the flip side… I’m not at fault.  I, the MORTGAGE BROKER, did not add to this mess.  Senator Obama - how many banks offered you money for your campaign?  How much did you accept?  is this why you’re blaming the independent Broker instead of the bank?

Mortgage Brokers don’t function without the banks!  We can’t write a bad loan if a Bank doesn’t offer the program!  We can’t pre-approve a loan unless the bank gives us the green light…

But crap floats downstream and so it is just so much easier for the blame to float down to Brokers as well, right Senator Obama??

Your wife is an attorney, right?  Where’s the burden of proof?   Do you even know the difference in a Broker and a Banker? A Mortgage Broker and a Loan Officer?  Or does "Mortgage Broker" just slide out of your mouth easily because it is an easy target?

The mass population does not need a bail-out.  Government funds are for infrastructure, defense and other major programs.  Earmarking billions to bail out everyone in this mess is myopic and naive.  There are many people who got into trouble - over their head and deserve an opportunity to fix their problems.  There are a lot of people though that aren’t and there is no reason that aid should be extended so broadly. 

Just like any other government handout, there are people just waiting for the money to come so they can take their shares whether they deserve them or not.  Think about this - maybe there are truly people who did the right thing, did not overstate their income, did not over-buy or over-improve their homes, that need the money to fix their lives… and maybe there are people who vastly overstated their income and assets and got house greedy… that worked the system for every angle possible.  Those people should be clustered in with the ones that truly need help??

No… and ignorance is no defense if I make a mistake as a Mortgage Broker… why is it one for the borrower?  It isn’t that complicated when someone asks them how much they earn a year and to testify to it prior to signing loan papers.  If the number has an extra Zero, is it an error of ignorance still?

If so… there’s a bridge in Manhattan you might want to buy from me.  I’ll even cut my commissions cause you seem like such a nice guy.

For More Information on Boynton Beach & Lake Worth Florida Real Estate and Mortgages, please contact

David Podgursky Broker Associate & Licensed Mortgage Broker Boca Executive Realty  & Boca Executive Mortgage 561-504-6949 cell DavidP@BocaExecutive.com Your Full Service Source for Residential and Commercial Real Estate and Mortgage Loans in Florida