Funny, I was speaking to a PR rep a few days ago and she thought I should develop myself as the Ralph Nader of the mortgage industry. I guess that would make me the Mortgage Czar.Interesting, but truly a waste of time telling people what and how things should be done.

     Washington is now discussing the importance of appointing someone in charge of the mortgage industry.I believe that this is too late and a waste for so many reasons.On one side, mortgages are no longer about buying a house.It is all about Wall Street and the global equities market.So when the financial institutions move money, they are not thinking or caring about Mr. and Mrs. Jones. It is all about packaging and pooling.

     The appraisal which they say are inflated will always have inflated values when they need it, contractors, insurance agents, realtors, and such are out to make a living.How do you regulate the realtors about selling home design and location? Loan officers?The bad ones will disappear as quickly as they showed up.

     I do not believe that the “government” can protect the consumer in this area.The government would have to protect people against themselves.I would like to equate this to gun control.If someone wants to get a gun and blow their head off, what is stopping them?If someone wants to take out a mortgage that is too big and the payments are too high, what is stopping them?

     I can honestly say that I have never put someone into a loan they cannot afford.Perhaps all those people that I turned away went somewhere else and now need a gun to blow their heads off.But the fact is that the guy that got them the loan did not put a gun to the borrowers head.All people know (in their heart of hearts) that they cannot afford the payments and should not take the loan.BUT THEY WANT IT.Well tough. If you cannot afford a house then do not buy it. What about the plasma TV, the car lease and the timeshare?They should not have that either, but they do.Where are the plasma TV police??I am outraged at this entire situation that seems to only be getting worse.

     Instead of a mortgage czar, maybe we should have a media czar.Perhaps the government should censor every talk show host that interviewed some so called expert about buying real estate 3 years ago.The market is hot hot hot! Better yet, please let’s censor all information about Britney Spears.Disgusting that respecting newscasters (i.e.: Barbara Walters) are discussing this.Where is the Spears czar?

Whew!I am back and I feel good.

-Dale Siegel