Obama Orders Realtors Who Sold Foreclosed-Upon Houses To Give Their Commission Back

Sorry, couldn’t resist… 🙂

Obama Orders Realtors Who Sold Foreclosed-Upon Houses To Give Their Commission Back

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FOR SALE: Cozy, charming 2 br, 1ba. in desirable location near I-95 overpass. New brakes, tires. Hurry! Only $374,999.00.

For every half-broke family who were advised to “buy as much house as you can get financing for” during the sub-prime lending craze, there was a mortgage broker, and a realtor, an Attorney for buyer and seller, a title insurance company, and countless others who dip their lips into the home-buying money stream.

Now, these profiteers will be paying the piper, as it were, to those families victimized by their actions: President Obama has ordered that Realtors who earned a commission on a sub-prime funded home that was subsequently foreclosed upon give the commission directly to the owner of the foreclosed property.

“Ten years ago, property values rose at unprecedented rates,” said President Obama. “And mortgage lenders and real estate agents led homebuyers to overextend themselves to buy in a seller’s market. Now, they’ll make it right.”

For those real estate professionals who experienced the era firsthand, making money in the market was easy.

Here’s how it worked:

1.) Sub-prime Lending Made Homeownership Possible for any a–hole with a job.

“All of a sudden, mortgage companies were trying to reignite a stagnant market by lowering underwriting requirements,” said someone who may or may not be Brad Morrice, former CEO of Option One Mortgage, the sub-prime lending subsidiary of perennial tax-return f–kups H&R Block. “Next thing you know, buyers who were netting $310 a week wiping old-lady asses in a nursing home were qualifying for $300,000 loans.”

The rise in “qualified” borrowers drove the prices of real-estate skyward, as demand far exceeded supply.

Did You Know?

Option One was to be sold to Cerebus for $800 million dollars? Yeah, until they took a look at the quality of the mortgages from which they profited.

H&R Block CEO Mark Ernst tried to hide the sh-ttiness by selling Option One mortgages to H&R Block Bank, until he was caught and fired.

Cerebus ran for the hills, H&R Band H&R Block essentially dismantled the company, never receiving a dime from it’s sale.

2.) People Who Already Owned Property were Suddenly Equity-rich, and Sought to Leverage it.

“People who were living in sh-t-shacks in the middle of nowhere suddenly saw their property value double,” explained Morrice. “And as soon as they were rich on paper, they went out and took home equity loans against it. All of a sudden, Clem Klump could drive out of a Mercedes dealer, farting into the leather seats of a new C-Series.”

3.) High Home Prices and Easier Mortgage-getting created a Perfect Storm for Realtors.

“Realtors were slinging houses, and buyers were getting offers of 125% to 200% over fair market value,” continued Morrice. “A chimp with a real estate license could make mid-six-figures while peeling bananas with their feet. And every parasitic leech involved in real estate transactions were dipping their ladles in the cash stream. It was vulgar.”

Then, suddenly, it all went sideways.

First, the sub-prime boom led to a very foreseeable condition: No one could pay their f–king mortgage. Those initial foreclosures led to a glut of property available, and prices tumbled. Suddenly, Joe and Mary Trailerpark were paying $2,000 a month on a mortage whose balance was $50,000 more than their home was worth. Why the hell not walk away from it?

Fast forward eighteen months after the subprime boom; families were facing homelessness and financial ruin; no one could buy a house, no one wanted to sell one, and Realtors were still sleeping on mattresses stuffed with pre-crash commission cash.

Well, not anymore.

“Families who were given advice to buy overvalued homes are financially ruined, potentially homeless, and definitely f–ked,” said President Obama. “But the Realtors who exploited them are richer for it. That’s some bullsh-t.”

For more of this story, go here…



12 Responses to “Obama Orders Realtors Who Sold Foreclosed-Upon Houses To Give Their Commission Back”
  1. jc says:

    this is a hoax. please check anything that seems strange or outrageous before sending it on to your friends.
    there is such hatred and divide, do your part to stop it. If you dont like Obama, you can vote him out…but be sure you know if the reasons you dont like him are true. Stop the lies, hate, fearmongering!!!

  2. Stephen says:

    Now, let’s force appraisers to return the fees they earned inflating property values for brokers and realtors.

  3. MARK ANAYA says:


  4. MotownRocker says:

    If real estate agents are forced to return their wages resulting from foreclosure sales then auto workers and executives should be forced to return portions of their wages resulting from the sale of inflated-value (and underconstructed) vehicles.

    Furthermore, politicians should be forced to return their wages during their tenures as unproducing public servants.

    Finally, take the incomes from medical professionals who administered “aid” to patients who did not recover from their issues.

    Whatya’, nuts?

    • Michael says:

      There are alternatives to American cars. There aren’t alternatives to living somewhere. A person could have rented but they still would have overpaid rent based on artificially inflated property values. I suppose they could have moved to another state, but with jobs and families that is unreasonable.

      As for politicians they produced plenty: $12 trillion in corporate welfare and the worst economy in decades. But for some reason people keep voting them back in. Maybe it’s because the housing fiasco was a bipartisan hatchet job so nobody to blame.

      If doctor’s conspired to kill their patients, like banks conspired to write unaffordable mortgage (more fees when the mortgages flipped), they’d be forced to pay a lot, and probably sent to prison.

      The article was clearly a joke but your response is a good viewpoint into what’s wrong with this country.

  5. J in CO says:

    I’ve been on all sides of the equation throughout the boom days and can say with certainty that this should all fall upon the banks that created the easy money. Realtors obviously profited on the flips but it is the bankers that stole every dime away from the country and into offshore entities though multiple avenues of corruption.

    The banks had at all times tried to bundle the entire sales process to eliminate the realtor commissions which the realtors lobbied back against and won but look who controls the REO now….The banks got their wish regardless.

    Now the banks are going to hold all the keys and don’t care about new regulations as they will simply do owner financing for the new buyers with the stolen homes. Why do you think they are holding a 60% shadow inventory?

    O is simply catering to the demise and bundling of services for his bank masters by eliminating the realtors one by one. He and the banks believe in complete domination of the lives of all Americans. They will not be happy until we all are destroyed, broke and living on the government which pays the interest on the national debt to the banking elite.

    This will simply never end until they get their way.

  6. Ann says:

    ? QUESTION??? To WHOM are the realtors supposed to return their comissions?????????????????????

    The people from whom the foreclosed houses were”stolen” – or to the BANKS?????????????????????????

  7. Michael says:

    A friend of my parents — typical baby boomers — was giving me a lecture how my generation (I’m 44 — Gen X’ers coming alive) were a bunch “cynics” and how they changed the world. A few of them work with the elderly. I put a cry out for help to lend a hand to the elderly losing their homes; not only this couple: plenty have hobbled out of foreclosure court on canes and walkers. Their response: zilch. Nothing. Not even a peep from a couple who call themselves “homeless advocates” — guess they want more business.

    The truth is that lots of those who lead the fight are boomers but nowhere near the proportion to their numbers, and nothing close to their self-righteous “we did lots of drugs, partied a lot, then voted to strap our parents and future generations with the bills .. because for some reason we’re special” group.

    The only thing atypical about your story is that they actually tried investing: plenty of elderly were outright scammed: “you’ve won a sweepstakes for your grandchild; sign here to collect your winnings” (a sub-prime mortgage). The government’s answer: more money for the perps.

  8. Ann says:

    Check out this scene~!!!!!!!!!!!!!

    Couple – 81 and 68, both with serious illnesses. Worked together for the last 40 years. Decided to change venues —just before the “CRASH”! Built 2 houses to sell – finished both just days before the “crash” . Invested all their savings,etc. in addition to construction loan – RESULT- lost both homes to foreclosure = all savings gone and no one gives a —-! soon to have own home foreclosed, auto reposessed and guess what?? No one cares; no empathy,no understanding, no real help!!! NO PLACE TO GO!!

  9. PJ says:

    PS… the POTUS directive is yet another smoke and mirror ploy… Mr.President go after the fraud that made the so called “sales” possible…. hummm seem to remember those “SWAT TEAMS” you and Timmy sent out to “servicer’s” a few months back? Can the American people please have a full report on that effort since all else has failed, HAMP/Shame/Shame etc.?

    Mr.President you spent and used the American Taxpayers money on the “SWAT TEAMS” deployed to the “servicers”… we deserve a full report ASAP on the warfront being wagged against the Average American Family,right here, right now here in AMERICA!

  10. PJ says:

    And lets not leave out the deal with Blackstone , GE and PHH Mortgage that went Bust… after which the top VP , Terry Edward’s @ PHH went to a plum job at Fannie Mae…. one might recall that he recently wrote the directive for Fannie Mae to penalize “strategic defaulter’s” yet.. again the kettle calling the pot black… Mr. Edward’s had and still has a long standing relationship with Gerald M. Shapiro… founder of LOGS … the LOGS Network files foreclosure for PHH & their many affiliate’s including the Bishops Gate Residential Mortgage Trust nationwide…. hummm!

    They recycle the fox to the next house on the taxpayers dime…. Hello Mr. Edward’s the head of your “BFME” Best Foreclosure Mill Ever is a “Strategic Defaulter” hiding behind a TRUST!

  11. Michael says:

    Clicked through to the source story. There was an ad for a smiley real-estate agent encouraging me to “start the conversation.”

    Assuming we overshoot the median to make it regress to the median over time we’ll probably hit a wage to home price value of about 1.6-2.2; the average was 2.7 (the bubble – don’t even ask). The Bush/Obama depression will drive median wages to around, say $35,000 so we’re looking at a median home price of about $60K.

    In other words … let’s not start the conversation about more corporate welfare for the real-estate industry. Let’s start the conversation about accountability for the real estate agents, mortgage brokers, appraisers, and bond traders who destroyed the US economy.

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