{"id":1563,"date":"2007-06-21T23:52:48","date_gmt":"2007-06-22T06:52:48","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1563"},"modified":"2007-06-21T23:56:02","modified_gmt":"2007-06-22T06:56:02","slug":"the-responsibility-of-mortgage-brokers-and-other-front-liners-in-the-foreclosure-fiasco","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1563\/the-responsibility-of-mortgage-brokers-and-other-front-liners-in-the-foreclosure-fiasco\/","title":{"rendered":"The responsibility of mortgage brokers and other front-liners in the foreclosure fiasco"},"content":{"rendered":"

A quick note: I am a mortgage broker and banker so I wear both hats. I consider myself in the group below.<\/p>\n

Seth Godin wrote a great post the other day simply titled “Responsibility<\/a>” that focused on one key question: “Are you responsible for what you market?”<\/p>\n

His answer was a resounding yes based on this premise: marketing works. If you agree that marketing works then you should agree that the idea of free choice is really not that free. Marketing influences choice. Godin cites the decline in cigarette smoking over the period since advertising has been significantly curtailed as one (of many) examples:<\/p>\n

If marketing works, it means that free choice isn’t quite so free. It means that marketers get to influence and amplify desires. The number of SUVs sold in the United States is a bazillion times bigger than it was in 1962. Is that because people suddenly want them, or is it because car marketers built them and marketed them?<\/p>\n

Cigarette consumption is way down. Is that because people suddenly don’t want them any more, or is it because advertising opportunities are limited?<\/p><\/blockquote>\n

This post led me to some new thinking on our embattled industry and the current round of finger-pointing up and down the money-ladder<\/a>. The common refrain from mortgage brokers as a defense to the “predatory lending” accusations being bandied about by consumer groups and government entities is “We only sold what the banks gave us to sell” and “Brokers don’t underwrite the product.” These notions that depict brokers as impotent pawns in the mortgage game with little control over their actions-resigned to the whims of the banking world, forced to peddle whatever products were made available by the banks- is callous and dangerous. This position is clearly one that Mr. Godin would whole-heartedly disagree with; and I do too.<\/p>\n

As brokers we’re responsible for the loans we choose to put our customers in. When we choose to put a retired person on fixed income in a negatively amortizing payment-option loan for maximum rebate with out clearly identifying their comfort level and understanding of the Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A quick note: I am a mortgage broker and banker so I wear both hats. I consider myself in the group below. Seth Godin wrote a great post the other day simply titled “Responsibility” that focused on one key question: “Are you responsible for what you market?” His answer was a resounding yes based on […]<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,6],"tags":[],"class_list":{"0":"post-1563","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-marketing","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1468,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1468\/seth-godin-in-phoenix-is-it-a-dip-or-a-dead-end\/","url_meta":{"origin":1563,"position":0},"title":"Seth Godin in Phoenix: Is it a dip or a dead end?","author":"Greg Swann","date":"May 24, 2007","format":false,"excerpt":"About 350 people came out this morning to see Seth Godin discussing his new book, The Dip, at the Tempe Improv in suburban Phoenix. Jay Thompson promises to have coverage of the talk. For my own part, I was amazed that, other than Jay, we saw no one else we\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2635,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2635\/seth-godin-to-realtors-get-great-or-get-out-of-the-game\/","url_meta":{"origin":1563,"position":1},"title":"Seth Godin to Realtors: Get great or get out of the game","author":"Greg Swann","date":"February 21, 2008","format":false,"excerpt":"Excellent advice, start to finish. He's not a Realtor, but he's actually sold things other than jawbone in his life. 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Here's the part that is of immediate, local\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1361,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1361\/seth-godin-book-tour-dates-announced-philadelphia-chicago-new-york-santa-clara-ann-arbor-and-phoenix\/","url_meta":{"origin":1563,"position":3},"title":"Seth Godin book-tour dates announced: Philadelphia, Chicago, New York, Santa Clara, Ann Arbor and Phoenix","author":"Greg Swann","date":"April 27, 2007","format":false,"excerpt":"The big picture. The tour. The Phoenix event. 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[....] More details to come in the next few days regarding the date,\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2394,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2394\/what-tricks-pay-off-in-the-searchable-universe-seth-godin-argues-the-best-way-is-the-long-way\/","url_meta":{"origin":1563,"position":5},"title":"What tricks pay off in the searchable universe? Seth Godin argues, “The best way is the long way”","author":"Greg Swann","date":"December 19, 2007","format":false,"excerpt":"Seth Godin has a new ebook, yours for free. What's the catch? Getting the value out of it is going to take work.There's an enormous amount of superstition about what makes some pages rank high while others languish. When you look at the actual figures, though, much of that fades\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1563"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1563\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}