The review by James R. Hagerty of Robert J. Shiller's book "The Subprime Solution" (Business Bookshelf, Sept. 3) is of great interest to me. I was part owner of a mortgage banking firm and in the business for over 40 years. In 1993, as the loan brokers started to become a force in the business, I decided it was time to retire. Mr. Shiller states what my concern was, that you can't serve two masters.He also points to the Raleigh real-estate agents that have been given a free pass in the many articles I have read on the subject. I have wondered about this, as they are usually the initiating party in a purchase transaction and recommend loan brokers and/or lenders.
Aside from this aspect of mortgage lending, some of Mr. Shiller's proposals may offer solutions to this part of our economy that is in disarray.
By: Roger Norton
Wall Street Journal (Editorial); September 10, 2008
