It all stems, unfortunately, from the inability of the system to keep risk straight. If the selling lender has to keep the liability for the loan, all this madness goes away. But that didn’t happen, though there have been steps taken since to address that.

I long have agitated for loan products that would spread the compensation for brokers over a period of time instead of paying it all up front. This would realign the incentives and make them more compatible with writing persistent, quality business, instead of whatever pays the most right now.

Alas. That isn’t going to happen any time soon.

Good luck with your search. If there is any way I can be helpful – I’d be happy to refer people – let me know.

I do know some of those people were too trusting and mislead because of greed. For those in this category, yes, they should have been more aware. But I also fault the lenders & brokers that persuaded buyers into outrageous loans. Just because an unknowing buyer signed the papers doesn’t excuse the dishonesty (whatever shade of gray) by those trusted to be the experts.

Let’s hope the market starts to rebound soon (but just not before I complete my house purchase!)

I appreciate your being willing to say what you think. And I do not disagree, mostly. I obviously did not make my point very well.

What I meant to say was – we need to stop treating the homeowner that gets over his head as the victim of some nefarious plot, and looking about for someone to punish. Your point about being in a “more reasonable” mortgage is well taken. No quibble.

But you don’t know what would be best for them, necessarily. There are families – mine is one – that have grown tremendously through being responsible for the property they own, even though we could not have qualified under traditional guidelines. The mortgage is hard to pay, especially as the industry I work in is being systematically destroyed. Still, under no conditions would I go back, and this was the only way forward.

I got the only mortgage that was available to me at the time. I’d love to get out of it, but the increasing restrictions on mortgage financing make that impossible for me, so I have to stick with what I got. I’m not bellyaching about it (this was my largest point). I got here on purpose and I knew this was possible. I will deal. That’s all I’m asking people to do. Own up to the risks that they took, deal with the situation they’re in, and stop trying to make themselves into virtuous martyrs that were fleeced by people that deceived them.

But as far as advice goes, if your comment encapsulates yours, I don’t think we look at mortgages all that differently. I might shade more toward trying to get a family into their own house when it’s difficult, because I’ve seen some magical things happen in those cases. But in general, my advice is to take as little debt as possible, pay everything off as fast as you can, and take responsibility for your own actions with regard to that.

Is that off base?

If you’re willing to suggest other lenders in the business, I’m still researching. Thanks!