Right now, pretty much anyone in Residential Lending is on the hot seat. Government Oversight is the demand du jour to rectify the problems in the current economy. The problem is that there is no fixing the people that are already hurt in their credit... and there is a Teflon sheen on many of the worst culprits out there.
Sure ... there are bad loan officers and horrible mortgage brokers whose avarice led them to put people in a bad scenario and that makes for great headlines. The biggest advertisers of bad loan programs are still untouched in the media! Maybe because the media can't afford to lose the ad revenue from Quicken Loans, LendingTree and DiTech.com.
For more detail on this issue, read on via this link: Advertising’s role in the current lending crisis
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David - well said and glad I can count on you to be the voice of reason when it comes to what's going on in the mortgage industry.
David, like I stated on your other blog, you are right the media knows what side their bread is buttered on. So once again money talks and they do not care how they get it, or who they hurt getting it.
AND OH YES, if others have not taken the time to go to your other blog they should because it is very well done.
Cyndee - thanks!! I appreciate it
George - thanks. it is a combo of the press, Mortgage Bankers Association and the lack of real strength of the National Association of Mortgage Brokers...
and thanks for the plug on my main site... www.themortgagegotoguy.com ... I appreciate it!
you are definitely right here...If the programs weren't available then loan officers wouldn't have put people into them but all we hear about is "these awful mortgage brokers." You have to love the media!
Oh David - I so agree - I wish some of these "big hitters" real story would be reveled....