Politics and Ecomonics

Watching Countdown tonight and one of the Margaret Carlson touched on something I feel is so big on how we come out of our economic problems.

We've got politicians trying to make laws and understand financial systems that they've never been apart of. The HVCC appraisal nightmare is a perfect example. Politicians like Andrew Cuomo of New York, could have the best intentions possible. But without intimate knowledge of how the industry works, you get a set of laws like the HVCC.

On another post I'll explain all that's wrong with these laws but just know that it is affecting current, new and future homeowners. Making it harder to get loans and driving values down isn't what will save the financial world. I try to step back and see all these things from an outside perspective so I'm not jaded by being in the trenches, but even then I can see that good mortgage brokers, bankers, loan officers and realtors should all be at the table helping to craft these tougher laws.

Politicians are politicians. Very few understand the complex world of lending, let alone how to regulate it. Something I learned that has been very helpful to me is, stick to what you know. There should be a panel put together just like when they want to find out other things. There can be a report that maybe, just maybe, will produce rules that help protect the public without hurting them as well. I don't come to your job and tell you how to do it and I certainly don't try to regulate it without knowledge of the job.