Corcoran / NRT/ Realogy Unethical? Can it Be?

He then makes the serious accusation that the Corcoran agent “recommended that I lie on a federal mortgage application (a felony) in order to make the sale.

and "they" blame the financial crisis on WS?

brooks, wasnt it WS that gambled our mortgages and created Mortgage backed securities? they also told us to buy while betting against their own advice. That sounds like WS had a BIG part to blame in this. Not their fault, they are born leaches. I just think there should be some businesses , likes banks and mortgages, that shouldn't be traded and going public, isnt there some kind of moral hazard or conflict of interest when someone else can gamble my asset/home?. Occupy Wall St. Occupy Corcoran...let them all go to $^&%*

No. It was your government that wanted to make Housing affortable to everyone. It was WS that saw the inefficies. Nothing continies to go up 20-30% a year for every. But, EVERY RE BROKER WILL TELL YOU THAT it will. WALL STREET WILD NOT.

1992, President George H.W. Bush signed the Housing and Community Development Act of 1992. The Act amended the charter of Fannie Mae and Freddie Mac to reflect Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low-income and moderate-income families."[14] For the first time, the GSEs were required to meet "affordable housing goals" set annually by the Department of Housing and Urban Development (HUD) and approved by Congress. The initial annual goal for low-income and moderate-income mortgage purchases for each GSE was 30% of the total number of dwelling units financed by mortgage purchases[15] and increased to 55% by 2007.

Sorry i didnt realize poor little wall st. was manipulated and forced into it all by Fannie & Freddie MAC., the Evil Government agency...

You are obviously a wall st employee...Just dont gamble with my mortgage anymore, thats all I ask.

Do you think if people paid their bills and/or did not take out mortgages that they could not pay back that we would be in this mess?

>>>Just dont gamble with my mortgage anymore, thats all I ask.

Pay your mortgage. that is all I ask

Brooks2
7 minutes ago
ignore this person
report abuse >>>Just dont gamble with my mortgage anymore, thats all I ask.

Pay your mortgage. that is all I ask

any fucking idiot on the street realizes that values don't appreciate 20-30% every year, which is what brooksie claims re agents state.

it takes a special breed of fucking idiot to suck the corporate asshold on wall street the way brooksie does.

I guess Brooks also Blames the People who invested with Bernie Madoff because their real estate broker told them Bernie was a sure thing....Bernie must have been forced into his life because of the government....

that is the dumbest response I ever heard. not comparison.

if you took out a loan you could not afford because you assumed you RE was going to continue to do up.. then it did not, that is your fault. the government facilitated it by insuring it via the Federal agencies. buy a house you can afford and pay you F$%kin bills. take some personaly responisibility

who invented mbs? who lost on mbs? who backed all the subprime loans, knowing they were subprime & toxic? answer to all WALL ST.

what went bad was subprime loans, mortgage defaults were a small number. It was all the WS Banksters and their greed that had them inventing ways to get poor people who dont even know how to spell mortgage much less calculate one, to get into debt. Its the same plan credit card companies use. Hey I'll lend you a million dollars, oh and I dont need to verify how much you make, i trust you will pay it back. Then the bank goes bankrupt, and you blame the person who didnt pay? not the banker who didnt do his job and qualify the loan? Blame the kid for shooting his school, not the parent for giving him the gun?

WS did not underwrite the loans, mortgage bankers did and RE Brokers encouraged them to lie about it. At least that was what was said in the article you posted.

again.

He then makes the serious accusation that the Corcoran agent “recommended that I lie on a federal mortgage application (a felony) in order to make the sale.

And do you think Fnnie mae and Freddic Mac are in conservatorship because the only insured sub-prime loans. Get a clue. PRIME Mortgages are getting forclosed on too!

a Mortgage Banker is not a WALL STREET BANKER!

>>>bksfinest who invented mbs?

Lou Rainerie (Sol Brth)-- in the 1980's-

did all those MBS from 1980-2000' go bad too?

then why did bear and lehman go under if they didnt buy any loans? or are they not Wall St?

truth is there are many to blame, including buyers who needed to beware, but to say wall st was innocent in all this is NUTS!!

http://www.time.com/time/specials/packages/completelist/0,29569,1877351,00.html

did all those MBS from 1980-2000' go bad too?

no because then you actually had to qualify for a loan and have the money. Who looked the other way when it came to qualifying stated income?

Lou Rainerie (Sol Brth)- are you serious, he is all wall street solomon brother,...proves my point again, a creation by wall st. Not bad in concept, but bad when there is no regulation for it.

lets also blame the SEC while we are at it....seriously, where were the refs when the players started fouling....

In a nutshell- with out getting into too much detail-- Lehman went under because they levered themselves 40-1. They could not get any liquidity(financing) when the assets(MBS,ABS,CDOS..etc) they had levered starting underperforming(ie not C-flowing - when borrowers started to go deliquent on their loans-- ie stoped paying)-- the house of cards came falling down
never said they were innocent.. but the definatley should not shoulder all the blame

Who looked the other way when it came to qualifying stated income?

that would be a mortgage broker-- not Wall street

lets also blame the SEC while we are at it....seriously, where were the refs when the players started fouling....

I'd say the Rating agencies.. Are more to blame.

back to topic for a second, brooks, do you think it was the broker by themselves who did wrong? or is Corcoran to blame because it was their agent and they should have agents with better ethics? is something wrong with Corcoran's training or hiring principles?

do you think it was the broker by themselves who did wrong?

no.. I never said that.

THis was my first Post: "t

He then makes the serious accusation that the Corcoran agent “recommended that I lie on a federal mortgage application (a felony) in order to make the sale.

and "they" blame the financial crisis on WS?

Back to OP's blog - I think the real question is should you expect the selling agent to have done any diligence on the building. While it would be nice if that was the case (and a seller wasting people's time with unsaleable listings is in nobody's interest), in NYC it is not. I've sadly wasted lawyer fees on a deal to learn that the co-op was broke. Also got excited about a place only to learn it was artist in residence and thus not going to work for me. That's why you do your diligence. I think For what it's worth, on the artist-in-residence I discovered this on the DOB website myself (for free before paying any fees), so a diligent buyer could have caught this sooner. It is not a selling agent's responsibility to know what the heck they are talking about (which is a good thing because many do not).

In any other state, they would. The extremist caveat emptor rule used in NY state is utterly ridiculous. It would be one thing to encourage buyers to double check facts on their own, but the current rule is that anything goes, including fraud, without penalties. The worst that happens is that if you catch it before the sale goes through, they only have to find a dumber buyer.
It always amazes me that a 6-pack thief might do 30 days at Rikers, but someone who tried to defraud another person for hundreds of thousands of dollars is pretty much free to try again tomorrow. It creates a culture of con artists; it's the perfect crime, because it's not prosecuted.

>Corcoran / NRT/ Realogy Unethical? Can it Be?

Everyone working at the company? Or just the CEO and the board?