There will be borrowers impacted by these guideline changes regardless of how you and I do our business.

If I were a Listing Agent, I would be finding out if the potential buyers are using interest only products on any transaction in progress.

Ardell – I would like to be there, but as Kris mentioned, I am the sacrifical lamb. I have many important things to do here while she is in SF, such as: Take daughter Emily to volleyball “readiness” camp (I assume this is to get ready for high school tryouts); go to Discount Tires to repair the flat I got in the mountains this morning; make sure Simon the Dog is fed and walked and that Fluffy the Cat (who does not like me) is fed and, whatever; go to Costco for our weekly restock of “supplies”; you get the picture. So, while you and Kris are lounging around at the hotel bar schmoozing over a nice cold drink, I appreciate the fact that I am sure you both will be thinking of me. I will certainly be there in spirit.

Regarding the more mundane task of addressing the subject at hand, I agree that there is a basic need for government to insert itself into a process where predators have taken advantage of the public. There is more than enough evidence that this has been a rampant problem. At the same time, I also know there were many borrowers over the past 2-3 years, several of our own clients included, whom were cautioned about the interest only, option arm, neg. am., loans who did not heed our warnings and who now find themselves in a no-win position. Their version of taking responsibility for their actions is to bail out, because they now have no other choice.

I tend to support and agree that free enterprise should and will ultimately sort this all out.

First, yes, I will be at Inman. Steve, my little sacrificial lamb, is staying behind to hold down the fort. I would be honored and delighted to meet you. Since they aren’t beating down the door to schedule an appointment with me, my calendar happens to be clear. Shoot me an email or look me up at the Plaza. You just made my week! I remember Glenn Kelman confiding that he was nervous to meet you. I’m starting to get it.

Second, great comments, and I tend to agree. The lion’s share of my clients will not be affected in the least. I think the underlying argument is that people who have relied on interest only, neg-am types of products were really, truly not qualified to make the purchase to begin with. The buyer’s fault? Perhaps. I think more often they were sold a bill of goods and not fully educated as to what they were signing up for. Requiring the same fiduciary role and standards of care of the lenders as we do of the agents could arguably be the best way to address the past lending tragedies and prevent a repeat performance in the future.

I’m hoping you and Steve will be at Inman Connect. Any chance you will be there for at lest one day? Many have asked for an “appointment” to have dinner..whatever. I’ve declined them all. If I could only sit down and talk with two people over the 4.5 days I’ll be there, you and Steve would be the two people I most need to speak with. So I’m hoping to see you there.

Can I get 30 minutes of your time if you are going to be there?

“Who would you most like to meet at Inman?” ARDELL’s answer: Kris and Steve Berg.

There is no word for most of us. We never did qualify people based on the interest only payment. Interest only is a method of payment option, not a qualifying option. As for negative am loans…anyone who used them to qualify buyers and can’t now, is just someone who ran a STOP sign who get a well deserved ticket.

Where’s the change for people with 700 credit scores who put 10% to 20% down, and used a 30 year fixed loan? A 5.1 arm? The mainstream of qualifying has not changed. For those who never abused the system, there is no change, and hence no message to “get out” to them.

This is one area where the people who speak on Bubble Blogs are more right than the professionals. Clearly there’s a middle ground…but it’s over on their side, rather than in the middle.

Everyone’s a Big Boy and can fend for themselves (free enterprise) is simply saying Fox…eat your fill. Not the answer that serves anyone, except the Fox.