I recently wrote about the negative feedback loop this credit crisis is causing, and how it causes a downward spiral in home values. You can read about it and the study referenced right here. Many economists are discussing ways that the government or the banking institutions can put up a backstop to help break this cycle. It's a complicated issue.
The CMPS Institute has issued a proposal designed to offer some ideas from the perspective of the mortgage industry. It's an interesting argument against some of Washington's proposals, which include a tight ratcheting down on the lending industry. This feels very threatening to mortgage professionals who know how to run an ethical business and use flexibility in creative ways for their clients. Read the proposal for more insight.
More on CMPS from their site:
CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice.
You can be assured that a mortgage professional with CMPS credentials has met rigorous, peer-developed and reviewed standards endorsed by a national professional body. The CMPS Institute was formed as a joint effort by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors, regardless of the diversity of specializations within the industry.The CMPS curriculum incorporates the five essential CMPS skill sets related to integrating a client's mortgage, debt and home equity strategy into their overall financial plan:
- Financial Market and Interest Rate Analysis
- Cash Flow & Debt Analysis
- Real Estate Equity Management
- Real Estate Investment Planning
- Mortgage & Real Estate Taxation Concepts
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