Well, not really. But with so many fingers pointing at "disreputable" mortgage brokers and "predatory" sub-prime lenders, sometimes I can't help feeling responsible.
The fact is, there are a lot of folks to blame. Mortgage brokers certainly played a role - they play a role in nearly two-thirds of all home loans originated in the United States - but so do big banks, Wall Street investors, and homeowners themselves. Complicit (to name a few) were the federal government, the GSEs (Fannie Mae and Freddie Mac) and even well-meaning not-for-profit home ownership organizations.
But this blog is not going to re-hash the past or lay the blame on any one source. My goal here is to share with readers some of the lessons I have learned since I entered the industry in 1989 (recall the S&L crisis?), apply those lessons to the current challenges facing the industry, and, most importantly, make these lessons relevant to the average person reading these posts.
So you know what to expect, the posts here will run the gamut between consumer-oriented news and information, advice and insights for home buyers and borrowers, and some industry-insider type stuff just to keep it interesting and illustrate that I am, in fact, an expert in the industry (*smile*). I will also introduce an "Ask the Expert" sections in order that I can reply to any questions readers might have.
Thank you for visiting. Please feel free to ask questions, leave comments or make suggestions. If you have not already done so, please visit www.LouPatierno.com for daily mortgage rate information, market commentaries and useful libraries of mortgage-related information.
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