Emmanuel Scanlan

Many years ago when I purchased my first home the RE Agent performed a simple "qualification" process to see how much home we could afford. Yes, it was simple math using rough figures. It also included other "future possibility" factors that could negatively impact our ability to keep the home in rough spots, such as we are now in. When she was finished she created a price range of homes for us to look at. At no time did she ever show us even a listing for a home that was out of our sustainable price range!! It took a little longer to find a home. It took our RE Agent a little longer, and more effort, to make her commission. When we finally bought our home everyone was satisfied. The RE Agent knew that if we ever were able to sell and buy another that we would be back to her. She also knew she did the right thing and prevented a homebuyer from getting in above their heads. So what happened to those days??? Today we have a lot of people upside down on their homes. Many bought using these various junk mortgage programs (ARM's, etc.) and many bought above their heads. Yes, the mortgage industry, Appraisal Industry and Inspection industry all can be blamed for contributing to the issue. But what about the Realtors?? Do you hold yourself blameless for not contributing to the issues today? Was the biggest mistake really giving "mortgages to anyone who was breathing"? It was certainly a big mistake. But what happened to the way it used to be (see above)?

WAMU has always been a den of thieves. On top of their option ARMs programs they went on an aquisition spree and bought many good banking institutions. They then systematically destroyed the depositer customer base of these institutions through their poor service and arrogant attitudes. Additionally, they drove many good employees away from the institutions they purchased. Now WAMU has been purchased by JP Morgan who more than likely will receive your tax dollars, either directly or through special tax incentives, to help bail it out. If any bank deserved to completely collapse and fail it was certainly WAMU! PS Inspection & Property Services LLC www.psinspection.com Knowledge is power, but sharing knowledge brings peace!

When I was a child it was considered the parents responsibility to teach their children fiscal responsibility. The schools did help some with various programs and spot lessons that doubled as education of the financial systems and government as well as basic financial management. When I was 6 years old I was shoveling snow, delivering leaflets, mowing lawns, etc. My first bank account came at age 7 and was a "Christmas Club" account which had the purpose of teaching children how to save and manage money. My Father was a GREAT man and Father and made sure we understood the value of money. Being the ninth of eleven children we still had everything we needed and had to work for what we wanted. My Mother also taught us various lessons in financial responsibility. One of my fondest memories of my Father was when we would ask for another pair of jeans, above what we needed. His response was "Now boy, how many pairs of jeans can you wear at one time?". That was our cue to work harder to buy that extra pair of jeans, the money for the movie tickets, etc. What has happened to family values today? They were the cornerstone for teaching children how to be responsible adults. PS Inspection & Property Services LLC www.psinspection.com Knowledge is power, but sharing knowledge brings peace!