In my education, at a Junior College, State School and later Private University; something I learned in every business class I took was that competition is good. It is good for the consumer, good for the provider and is a desirable condition to have. Our government has worked diligently in past years to make sure companies like Microsoft didn't have a monopoly in the IT market. Why is it then, our government has backed every bill that will give the FOUR big banks a monopoly on mortgage lending. They helped to bail these companies out, or encouraged mergers or acquisitions and then made the rules different for banks versus brokers. Brokers are competition and with the new legislation, brokers are almost completely forced out of the market. Funny how the banks all backed that legislation. You can check out this link:
Big Banks Slashing Retail LO Compensation - 10.06.10 Real Estate News for Real Estate and Mortgage Professionals http://t.co/X5n18R0
from Think Big Work Small and see what others in this industry are saying.
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