Wendy2 Loc: California

Commission is not a driving factor. I have never pushed harder because the commission was greater. I don't care if they are a first time buyer or a multimillion dollar buyer. It is my job to do it right, regardless of the commission.

kjfishman Loc: Fulton MO

As in most professions there are good people and bad people, you sound like one of the honest ones.

Wendy2 Loc: California

Thank you!

I genuinely care about doing the right thing, in business and in life. I go above and beyond what is expected because that is what I would want someone to do for me. I know that I will often be disappointed with the way people treat me and others but I can't let that stop me from being a good, concerned human being. Thanks for recognizing that in me :)

eskiles Loc: Palmer Alaska

I have been in the building industry a long time and have seen personally and by word of mouth the actions of unscrupulous people. My son and ex wife were title examiners and some of the shenanigans the realtors and bankers pulled were awfull. I don't say all realtors are "bad apples" but where money is concerned there is an incentive to push the limits of legality.

Wendy2 Loc: California

I am pleased with the way this conversation has unfolded in that there has been no attacking others that don't share your opinions. There is nothing wrong with discussion and expressing oneself. What I have seen too much on many forums, including this one, is that people lower themselves to attacking others personally, instead of discussing their views in an intelligent, calm way.

Wendy2 Loc: California

And that is true of any walk of life and I am afraid it is getting worse. I personally am horrified at some of the crap that I read and hear about; the abuse of the weak, the elderly, children, helpless people, desperate people. Where a scam is possible it will be done.

eskiles Loc: Palmer Alaska

By the way I like your photos. The one of the pelican swallowing the fish , I liked the shadow of the fishes tail in his pouch!

Wendy2 Loc: California

Thanks! That was a perfect day and a rare opportunity for sure. The sun was behind the bird for perfect back lighting. Couldn't have planned it better. I haven't posted many pictures on line yet. Just been watching, learning and enjoying the forum. I have so many areas of photography I love; macro, head shots, landscape, architecture and on and on.

ole sarg Loc: south florida

What I find interesting is the discussion and the ignorance of what happened. It was not that houses went into foreclosure it was that the credit swap market was not understood by the investment bankers. The mortgages were bundled and sold at a price that reflected future value. These bundles were theoretically insured but since insurance requires money set aside to cover the projected payouts they did not use insurance they used credit swap. Swaps were not and still are not regulated. The largest Insurance company in the world AIG was the issuer of the swaps. When the bundlers went to AIG to recover the money lost because the bundles were worth less than they paid, AIG did not have any reserves to cover the swaps and the entire system collapsed. The banks could have handled the foreclosures but the investment banks could not handle the loss of value in the bundles or derivatives.

For some reason, in the blame game it is easy to blame the weakest the buyer and not the biggest the investment bankers. Same with cities going belly up. Who's to fault the school teacher, cop and fireman who is making 25-75K a year. When the real culprit is the city managers, mayors and councilmen who did not set aside money for pension funds, refuse to build parks, sponsor sports teams, etc.

Read up on what happened. Realize that the GOP is pushing the same policies that got us into this mess by demanding dodd/frank be repealed. It is in their platform.

ole sarg Loc: south florida

This is the Dodd/Frank act and we should all know it. It directly effects each of us.

The GOP Platform calls for its repeal.

Summary of Dodd-Frank Wall Street Reform Act:

The Dodd-Frank Wall Street Reform Act was the most comprehensive financial reform since the Glass-Steagall Act. Like Glass-Steagall, it sought to regulate the financial markets and make another economic crisis less likely. Banks were deregulated in 1999 by the Gramm-Leach-Bliley Act, which repealed Glass-Steagall. Dodd-Frank proposed eight areas of regulation. Here are the major parts of the Act.
Regulate Credit Cards, Loans and Mortgages:

The Consumer Financial Protection Agency consolidated protection from many different agencies. It oversees credit reporting agencies, credit and debit cards, payday and consumer loans (but not auto loans from dealers). The CFPA regulated credit fees, including credit, debit, mortgage underwriting and bank fees. It protects homeowners in real estate transactions by requiring they understand risky mortgage loans. It also requires banks to verify borrower's income, credit history and job status. The CFPA is under the U.S. Treasury Department.
Oversee Wall Street:

The Financial Stability Oversight Council looks out for risks that affect the entire financial industry. It also oversees non-bank financial firms like hedge funds. If any of these companies get too big, it can recommend they be regulated by the Federal Reserve, which can ask it to increase its reserve requirement. This prevents another AIG from becoming too big to fail. The Council is chaired by the Treasury Secretary, and has nine members: the Fed, SEC, CFTC, OCC, FDIC, FHFA and the new CFPA.
Stop Banks from Gambling with Depositors' Money:

The Volcker Rule bans banks from using or owning hedge funds for the banks' own profit. That's because they'd often use their depositors' funds to do so. Banks can use hedge funds for their customers only. Determining which funds are for the banks' profits and which funds are for customers has been difficult. Therefore, Dodd-Frank gave banks seven years to divest the funds. They can keep any funds if that are less than 3% of revenue.
Regulate Risky Derivatives:

Dodd-Frank required that the riskiest derivatives, like credit default swaps, be regulated by the (SEC) or the Commodity Futures Trading Commission (CFTC). In this way, excessive risk-taking can be identified and brought to policy-makers' attention before a major crisis occurs. A clearinghouse, similar to the stock exchange, must be set up so these derivative trades can be transacted in public. However, Dodd-Frank left it up to the regulators to determine exactly the best way to put this into place, which has led to a series of studies.
Bring Hedge Funds Trades Into the Light:

One of the causes of the 2008 financial crisis was that, since hedge funds and other financial advisers weren't regulated, no one knew what they were investing in or how much was at stake. That's why the Fed and other agencies thought the mortgage crisis would be confined to the housing industry. To correct for that, Dodd-Frank says that hedge funds must register with the SEC and provide date about their trades and portfolios so the SEC can assess overall market risk. States are given more power to regulate investment advisers, since Dodd-Frank raises the asset threshold limit from $30 million to $100 million.
Oversee Credit Rating Agencies:

Dodd-Frank created an Office of Credit Rating at the Securities and Exchange Commission (SEC) to regulate credit ratings agencies like Moody's and Standard & Poor's. Many blame the agencies for over-rating some bundles of derivatives and mortgage-backed securities. This mislead investors who didn't realize the debt was in danger of not being repaid. The SEC can require agencies to submit their methodologies for review, and can deregister an agency that gives faulty ratings.
Increase Supervision of Insurance Companies:

It created a new Federal Insurance Office under the Treasury Department, which identifies insurance companies like AIG that create risk to the entire system. It will also gather information about the insurance industry and make sure affordable insurance is available to minorities and other underserved communities. It will represent the U.S. on insurance policies in international affairs. The new office will also work with the states to streamline regulation of surplus lines insurance and reinsurance.
Reform the Federal Reserve:

The Government Accountability Office(GAO) was allowed to audit the Fed's emergency loans during the financial crisis. It can review future emergency loans, when needed. The Fed cannot make an emergency loan to a single entity, like Bear Stearns or AIG, without Treasury Department approval. (Although the Fed did work closely with Treasury during the crisis.) The Fed must make public the names of banks that received these loans or TARP funds.
The Dodd-Frank Act was named after the two legislators who created it. It was introduced by Senator Chris Dodd on March 15, 2010 and passed by the Senate on May 20. The bill was revised by Congressman Barney Frank and approved by the House on June 30. On July 21 2010, President Obama signed the Dodd-Frank Wall Street Reform Act into law. (Source: U.S. Senate, Dodd-Frank Wall Street Reform Act, Morrison & Forster, Summary of Dodd-Frank Reform Act) (Article updated January 14, 2012)

http://useconomy.about.com/od/criticalssues/p/Dodd-Frank-Wall-Street-Reform-Act.htm

Wendy2 Loc: California

Thanks ole sarg for putting things in better perspective. It is true and you put it rather succinctly.

eskiles Loc: Palmer Alaska

You are a wealth of knowledge. Thanks.