Let me preface this by saying that I am not currently affiliated with a political party. I am so disgusted by the partisan politics and lack of substance that I can't take anymore.
I've been in the Mortgage and Real Estate industry since 1992. I've seen the good, the bad and the disgusting. I know many very reputable loan officers, real estate agents and brokers that were ethical and acted in the best interest of their clients. The bad ones, the ones who were looking only for a paycheck, really cast all of us in the worst light possible.
Thanks to Phil Gramm, former Chair of the Committee on Banking, Housing and Urban Affairs, actively and decisively removed regulations that had been in place since the Depression to protect the financial markets and consumers. I have been watching CSPAN more than usual lately. I have watched various committee hearings having to do with the financial markets, the impact on oil, the value of the dollar and the sub prime meltdown. It's all part of the same problem, and it comes down to lack of regulation. When Gramm left Congress, he became a vice-chairman for UBS Investment Bank. Gramm has also served as the Econ adviser to McCain, and on April 18, 2008, UBS deregistered Gramm as a lobbyist. The following is from Politico.com:
"A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.
Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and the Treasury Department about banking and mortgage issues in 2005 and 2006.
During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages."
Thank you Senator Gramm. How much did you and your cronies make off the American homeowner?
The new regulations that are being considered are placing more regulations on the those providing services, not those providing the money. What this will eventually result in is less competition, and higher cost. What has deregulation done for the Airline Industry?
I could go on about this for days, but most of you are probably bored out of your minds already. What it comes down to is I'm done - I'm out - I'm finished.
Last week I met with a company that provides Life Insurance and Medical plans to the self-employed and small business. This Thursday, I am taking my State Exam for an insurance license. The industry that I have loved, and became a specialist in, is dying a tortured death. If I want to survive financially, I need to move on to something else.
So keep your fingers crossed for me. It's going to be a bumpy ride for a while.