Or Somewhere Over the Rainbow!

Dorothy and her husband Toto are reading the Kansas Telegram and daydreaming about buying their first home and moving away from kindly Aunt Em. It’s time they think to move out on their own and enjoy the American Dream. But unlike their forefathers they haven’t saved any money or even able to establish a career, when Halleluiah they see an add by No Place Like Home Realty proudly proclaiming… No Down, Easy Monthly Payments and even a New Car In The Garage.  https://redtoto.site/

Unknown to them, somewhere in the Highest places of Political Power, legislation has been put into motion greatly expanding the loan programs available to assist borrowers buy a home with No Money Down, Less Than Perfect Credit and Even No Verifications of Income or assets.

In another place Really BIG MONEY makes the decision to grant these higher risk loans through risk based pricing (Huge Profits) that Suck People Into A Low Starting Payment with the adjustable rate mortgage. The decision is also made by our political leaders and Big Money to offer these mortgages through Wall Street, and the individuals who would in turn make HUGE PROFITS from the higher yields paid on these Special Mortgage Backed Securities. After all, What Was The Down Side? Our elected officials would look good to the voters, powerful and appreciative lobbyist groups would tender up Huge Political Contributions, increase new home construction and sales would Keep Our Failing Economy Alive and EVERYBODY could have the American Dream.

Seemingly…There was No Down Side!

As if in a dream, they are swept off their Kansas farms Black and White landscape and over the Rainbow to the Technicolor Land Of Red & Blue States (OZ) by a tornado (after all…It was Kansas)!

Dorothy, the old trailer and Toto land on killing the wicked witch who rules the land of Responsible Lending and is met with Cheers by the Little People, the very people who will take advantage of those stated income, no asset, no down adjustable rate mortgage loans. Only to be Hurt the Most Later. At first the little people think Dorothy is a Witch, but soon learn that She Is Just Like Them.
Well….A Bit Bigger!

Dorothy takes off the wicked witches Red Slippers and is Magically drawn to Glenda, The Rookie Broker but Self Proclaimed Good Mortgage Broker of Oz!

Glenda hasn’t really been trained or even licensed (after all…It was the wild West You Know)! Can You Say……Clueless! But she immediately takes to heart her Realtors and customers desire to close quickly, the easiest way possible. It was her personal desire to meet all requirements of Fair Lending, Equal Opportunity Lending and the mandated desire of our elected officials to get everyone a house. Everyone, regardless of their income, credit history, available down payment or even ability to repay. After all, Glenda didn’t want to be accused of discrimination by not offering all the programs created by The Powers That Be…ostensibly for the purpose of facilitating the dream. Nor did she want to look like “She Wasn’t A Team Player”.

After all…she didn’t create the programs, didn’t underwrite or approve the loans, and didn’t sell them to Wall Street. She just wanted to get them a loan.

And So It Begins….Glenda Now so empowered takes Dorothy under her “Wing” and they start off down the Yellow Brick Road to the Emerald City (Wall Street?) Even though she doesn’t have a clue how to get Dorothy a Loan, she knows that she should take Dorothy to See The Loan Wizard who lives in Emerald City.

Before they have traveled very far, Dorothy meets a Mr. Big Banker, Ms. Nationwide Builder and The Real Estate Team. Desperate for answers, knowing that all is well as long as homes are selling and commission checks are being paid, they all exchange business cards decide that only the Wizard can grant them there individual requests.

On the way to the Emerald City, Dorothy and her friends are hindered and threatened by the Wicked Witch Of Economic Security, Within sight of the city’s gleaming towers, the Witch causes Dorothy, Toto, and the others to fall a sleep. The Witch Keeps Chanting, the Economy’s Strong, There is No Recession, What Sub Prime Debacle, and What Housing Bubble! Inspite of these assurances Everybody has visions of Massive Foreclosure, Bank Failures, Economic melt down, the collapse of our financial institutions and the wholesale liquidation of America to the Sovereign wealth funds (YUP…Foreigners)!

Walking along as if in a horrible dream(or Was It) Dorothy, Toto, The Real Estate team, Nationwide builder and Big Banker Make their way into the Emerald City wrestling with the nightmare they had been living..

Entering the Emerald city, They Spot the Wizard (Looks Kinda Like Henry Paulson)? hiding behind a curtain, and can’t seem to get his attention. It seems that they weren’t rally dreaming because He’s busy bailing out Wall Street, the Investment houses, The Big Banks, and a majority of Americas Mortgage Lenders.

Wakening up as if in a start….Dorothy and Toto climb into the Real Estate Teams Balloon and Lift Off For Home chanting…
There’s nothing like saving, there’s nothing like saving, There’s nothing like saving!
Back In Kansas, Dorothy and Toto Are Faced With The Daunting Task of Finding a Good Job after repeatedly having their positions outsourced but are determined to save money and buy the home of their dreams, even it is only a Trailer.

By yanam49

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