Misinformation/ Disinformation in the Media

I'm really appalled at what I hear passing for journalism in the media these days. I was listening to the Diane Reem (sp?) Show on NPR yesterday and actually heard one of four so-called experts say, " Not only are banks not lending to banks, banks aren't lending to consumers."

Nothing could be further from the truth. Banks are definitely writing mortgage loans to consumers with good credit and at least 3-5% down payment! And rates remain near historic lows!

The day before an Oppenheimer rep on CNBC reported that " a friend" had tried to get a jumbo loan and was quoted 11%. Well....maybe if he's an investor, or maybe he has bad credit, or no income...!

But no mortgage brokers I checked with here in Dallas are writing 11% jumbo loans except in those situations.

And then, the Dallas Morning News ran an article about an investor from California with a 620 credit score and no down payment who couldn't get a loan for a rental property priced under $100k. Hmmm, maybe there's a good reason, there...

Shocking that comments like that are taken by consumers as the truth and the norm...