The system of selling on commission only works where the seller has to work to make the sale. Widgets aren't easy to sell, you gotta talk people into it. Car salesmen have lots of competition, tough to make a sale. But selling money on commission is nuts- the customer already wants the product, and its the lender that needs to impose rules and conditions to keep from getting into trouble. Enter the mortgage broker, who only gets paid if a loan is made- so you've got borrower and broker conspiring to defraud the lender, and defraud they did, after the underwriting rules got loosened by Barney Frank and Company. Imaginary income, NINJA (no income, no job or assets), imaginary down payment, etc. If the old system of the loan officer being an employee of the lender had not been abandoned, the bubble would never have happened. The bad news is, the recession would just have come sooner, because the sad fact is that there just isn't enough work left in this country to keep everybody employed. The housing bubble and stock market bubble masked that for awhile, by creating artificial demand.
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Today's Featured Article - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
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