ML-Implode and other Doom & Gloom Sites...

david · Joined: 16 Mar 2008 Posts: 3 2.39 Dollars($)

While I (like many people) love to visit these sort of sites, I am concerned over our current fixation on the "bad news" and "doom and gloom" of our industry.

We have a bad situation, but I feel we only make it worse by focusing on only the negative. The same thing happened in during The Depression: people saw that the banks were unstable. So what happened? People withdrew all their money and the banks became even more unstable.

We need to start becoming part of the solution, not part of the problem. I would love to see a shift in the culture of the industry to a conscious effort to focus on the positive.

Just my two cents...

jerry

Hi David,

Welcome to the forums.

I don't think everyone's focussing on the gloom and doom. Otherwise how could the Fed come up with different initiatives like the Rate Freeze and the Project Lifeline and then the write down of loans (doesn't matter how much they're successful but at least these represent a conscious effort) one by one. May be borrowers need to be a bit positive and think of ways to get out of mortgage troubles.

Thanks,

Jerry

david · Joined: 16 Mar 2008 Posts: 3 2.39 Dollars($)

I'm referring to people within the industry, not the Fed.

What I find funny is that now, in hindsight, everyone's an expert on what went wrong. When I look at the various ML-IMPLODE-ish forums/sites, I find a lot more blaming and complaining than I do actual solutions.

My only suggestion is to focus on helping people in our industry and providing solutions for those that are still standing. That's all.

jbarto65 · Joined: 04 Nov 2007 Posts: 592 5.03 Dollars($)

Amen, Positive thoughts bring positive results, so can we list a few positives that are coming out of todays situation?

1. Housing is cheaper if you can afford to buy it.

can you add more?

david · Joined: 16 Mar 2008 Posts: 3 2.39 Dollars($)

2. More inventory means possible great opportunities for savvy investors.

justinrupert · Joined: 17 Mar 2008 Posts: 1 1.42 Dollars($)

I would agree that there is a lot of negative energy floating around our industry however I think most of that is coming from those inexperienced loan officers who are now out of a job or have been caught in dirty lending. The way is see it, this low time in the industry is creating some positive changes that needed to be made to better protect lenders and borrowers in the future.

The way I see it, b*tching and complaining will get you nowhere, but doing something about it and keeping a positive attitude will always be rewarded.

sara · Posted: Mon Mar 17, 2008 10:22 pm Post subject: RE:

Hi Justin,

Welcome to the forums.

I agree with your views; there are positives but the industry has to make better use of them in order to get the best results.

Take care

adamr6cox · Joined: 28 Mar 2008 Posts: 4 2.10 Dollars($)

its brilliant,, the industry and economy deperately needed this to get rid of the spruikers. I hope it goes on for a long time. So many brokers starving at the moment, we must have had 4 at least ask us for favours and pay commissions BEFORE settlements. Shows how desperate they must be.

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