We are looking at the President’s proposal to the mortgage industry to freeze subprime rates and the entering of the real estate crisis into the political sphere. I get a daily email from the New York Time of their top stories and instead of real estate being on the business page as it typically is, now it is on the editorial page.
What that tells me is that over the next couple of months the subprime mortgage conversation will stop being treated as a logical business issue, but a hot button political issue that will be constantly in the media. With a Presidential election going, a slower news cycle for the holidays, and lots of human interest appeal, expect the media to run rampant with examples of poor homeowners who have been hoodwinked by evil real estate agents and mortgage brokers.
And do not expect them to go after the bankers or Wall Street. Those are the folks that will be at the Christmas parties of the media executives. They do not want the discord so they will focuse further down stream. They always do…
In politics there always has to be a fall guy. So over the holiday season expect to have the media being very negative to you the real estate agent and the mortgage broker. You and your evil cabals focused on putting poor unfortunates into homes to fill your greedy pockets. Of course, if you have read the bubble blogs you have heard this for years, but now the New York Times and news organizations all across the country will be singing the same tune.
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I think the mortgage crisis will play a huge part in who our next president is.