Diamond Mortgage & Investments, LLC - Cleveland, GA

There they go again, messin' with stuff.  The Financial Services bill now has language to limit total broker compensation.  While this seems OK to most people on the face of it, a couple of "below the surface" things happen.  

One, it's just another opportunity for the government to regulate and control under the guise of "protecting" consumers.  Another example of the government regulating things it doesn't understand.  Pretty soon they'll want to regulate what realtors and mechanics make, too.  And restaurant cooks and plumbers and landscapers and satellite dish guys and who knows what else?  I used to have a boss who would say "I'm not afraid to make a decision.  It may take two to fix it, but I can make a decision!"  Congress may find it takes two to fix it...again.  

Number two, the people it may hurt the most are the ones who may NEED it the most.  If my pay is limited to X% of the loan amount, I'm much more likely to spend my time working on larger loans.  Even Walmart doesn't continue carrying unprofitable merchandise.  It's not that I won't do the smaller ones, but I'm sure not going to advertise them much!  Those folks who are trying to get in on the foreclosure deals that exist in my area may offer $75k or $90k for a place because it's simply all they can afford...AND it's a great deal for them.  But by the time I take the commission, give the company its cut, pay my expenses, and split the rest with my partner... I've really got to think twice about spending my time doing it when I could be doing something that will support my family.  The opportunity cost simply outweighs the benefits.

I'm just thinkin'…