Remember when you were in college and if something wrong happened, you wanted to blame someone else. When in all reality, you should have been blaming yourself. Well, does this apply in the mortgage business? People secured a home with an ARM, when the mortgage rates adjust and they are faced with foreclosure, who do they blame? Are the mortgage brokers responsible as if they were a parent? At the end of the day, the consumer is responsible. However, I believe the mortgage broker should take the time to educate the consumer and give them additional information. No the mortgage brokers are not responsible for the housing situation. As an adult we all make choices that have consequences. Therefore, take the time to do the research and find out all the valuable information before getting into a situation so you can make an informed decision.
