The stakes are definitely going up. If you haven't checked your credit in a while, do so now rather than later. The lending requirements for stated income and less than prime credit are now at nightmare proportions, all as a result of fallout from the subprime (a.k.a. "We'll give ANYONE a loan!") market. My assistant Beth and I (we're both mortgage lenders) just jumped through a thousand hoops to refi a perfect borrower (unbelievable job history, credit and home equity) and still needed extra comparables for a perfectly acceptable appraisal.

The hacks over at CBS just did a hit-piece on REALTORS, and how we haven't changed our commission structure, regardless of the escalating home prices. Two things never cease to amaze me: 1. That CBS, the network who thought their anemic evening news could be saved by the feckless Katie Couric, is still a network. And 2. That they question anyone's credibility in the wake of the Memogate scandal that booted Dan Rather and a cadre of delusional crusaders from the network. I've got news for the "Tiffany Network:" Our industry will most assuredly outlast your sorry li'l experiment with the unblinking eye.

Posted by: Paul @ 8:15 PM