When the mortgage meltdown first erupted in the summer of 2007, I voiced my thoughts on Verity’s blog. One of my final comments was, “Homeownership is crucial to growing our economy. The mortgage crisis will negatively impact our overall economy because of the impact the high foreclosure rate will have on the housing market, increase in unemployment rate, and decreased consumer spending; not to mention the decline in the stock market over the past couple of weeks. So, in the end, we are all victims; we will all feel the crunch.”
When I wrote this, I never imagined the credit crisis would be the magnitude it has. I never imagined the headline news would be as they are -
. FBI Investigates Countrywide for Securities and Mortgage Fraud
· Mortgage Fraud up 176% – Reveals Staggering Loss of more than $813 million dollars
· 21 Lenders Sued for Causing Foreclosure Mess (Ameriquest, Bank of America, Citigroup, Countrywide, GMAC, Indymac, JP Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Option One, Washington Mutual, and Wells Fargo just to name a few).
· Government Seizes WaMu after Collapse
· Government Seized control of Fannie and Freddie
· US Attorney Subpoenas Fannie & Freddie
· Countrywide plans $8.7 billion in loan aid as part of settlement
· Congressional Action Urgently Needed to Stabilize Global Financial Situation
· House Passes New Version of $700B Rescue Plan
I recently left my doctor’s office very upset and feeling sick to my stomach. Not because she diagnosed me with some obscure, incurable decease, but because, as she was leaving the exam room, she turned to me and said, “Be good to your borrowers.” At that moment, I went numb; my palms began to sweat and I realized that I, along with all the other true mortgage professionals, have been labeled.
No, this label isn’t going to tell you my net weight, total fat or cholesterol count. It’s the general label that says all mortgage professionals are greedy, predatory, sub-prime loan officers who contributed to our current global crisis.
I can’t blame my doctor; she only knows my physical health, what profession I am in, and what she has read in the news. She doesn’t know my morals and values, she doesn’t know that I work for Verity; she doesn’t know that at Verity, we thrive in an environment of trust, respect, integrity and honesty.
I’ve been a mortgage professional for over 31 years, with Verity for nearly 12 of those years. Over the years at Verity, I have had the pleasure of assisting thousands of members with their home financing. I truly have a passion, deep in my heart, for what I do and strive to make a positive difference in members’ lives and their financial future. I value everyday because we have a team of outstanding mortgage professionals whose primary purpose is to meet and exceed the needs of our members.
My challenge to you is this. If I, or someone at Verity, have made a positive difference in your life and financial future, I want to hear from you. Please send me a dime, an email, or a post card and share your Verity testimonial. You can visit one of our branches, hand the Member Service Representative a dime and say, “I want to share my Verity experience, please send this dime to Wendy at the Home Loan Center.” I will then personally match .50 cents for every dime, email, and post card I receive. The credit union will match an addition .50 cents. These funds will then be donated to Northwest Harvest.
In a future newsletter, I will share member testimonials and the amount donated to Northwest Havest. So, don’t delay, send me your dime and testimonial today at firstname.lastname@example.org, or Verity Home Loan Center, Attn. Wendy Hovey 11027 Meridian Ave N, #102, Seattle, WA 98133.
P.S. Don’t keep credit unions a secret, spread the word with your family, friends and co-workers on how their lives and financial future can be different with a credit union.