I facilitate mortgage loans. It’s what I know. If someone asked me how to sweat a copper pipe, I wouldn’t be quick to give them the step by step break down. And that is simply because I am not 100% sure of what I am talking about. Which brings me to my point…
If you don’t know what is going on in the mortgage industry, refrain from speculating.
Some people love to project that they know everything and that they are the smartest in the class. Even the media perpetuated the falsehood that the extension to the tax credit was passed. What those talking heads did not specify was that only the amendment to a bill completely unrelated to the tax credit was passed, not the extension itself.
I’m neither a plumber nor an expert in how a bill becomes a law, but I do know that just because an amendment gets added to a bill means little for the success of the passage of that amendment.
The mortgage industry has undergone more modifications in the past two years than in the past ten; jumping the gun on announcing something that is unconfirmed and even worse…not true, does no one any good.
At the end of the day, or should I say, at the end of June…the tax credit extension comes to a close; at least for now.