Why not get it right?

Sometimes I am accused of preaching.  It's true, I sometimes do.  Lately I have been preaching that the media is presenting a rather skewed picture.  I often mention that they are getting it wrong.  They are.  I am watching a guest on CNBC right now that just mentioned that there are x million of "Teaser Rates" that will reset before the new year.  He's wrong.  They are not Teaser Rates.  They will reset but they are ARM Adjustments.  The "Teaser Rate" does exist it's just not what he's referring to.

Perhaps he's using the "Teaser" term for it's soundbite power.  Perhaps he's just confused.  Perhaps he just doesn't know better.  The problem I have is that nobody was there to correct him.  The guest runs a large investment firm and I cannot say how much he knows or doesn't know about mortgages.  That shouldn't be a factor.  He was an expert on TV.  He should get it right. 

Case in point.  Jason Sardi - a mortgage professional in New Jersey wrote about an upcoming consumer education event being held in his community.  It sounds like a great idea. 

He says they'll be covering...

• How much is my house now worth?
• Should I refinance my existing mortgage?
• What is the best use of a home equity loan? Pay off debt? Home improvement?
• What are my rights as a borrower?
• How does the sub-prime market work?
• What is the difference between an appraisal and fair market value?
• Will I be able to repay my house debt?
• Can I avoid predatory lenders even if I have bad credit?
• What affordable lending options do I have?

That is certainly a great list of topics.  Many of which desperately need to be covered right now.  Good for you, Lehigh Valley!  But then as Jason sadly pointed out, they got it all wrong, (or they will).

The panel selected to answer these all important questions incredibly DOES NOT INCUDE a Real Estate Agent, a Mortgage Professional, or even a Title / Escrow Officer!    Correct me if I'm wrong but are these three people not the most knowledgeable on the subjects listed above?

 

Isn't this the same as the Love Canal City Council having an educational seminar to address the sudden rise of breast cancer but not inviting a Doctor or Oncologist to the party? 

Maybe that's where the Real Estate Agent, Mortgage Professional, and Escrow Officer went?

 

I would love to see a program like this happen in the bay area.  I'd attend and if asked I would be happy to sit on the panel.

It was my Grandfather who always said, "If you have the time to do it - you have the time to do it right  - the first time."

 

 

 

Technorati Tags: mortgage truth, payment option arms, ARM resets, recasting loans

Nice To Be Noticed

Like an internet IM hug,
it's nice when someone thinks you are worthy of a mention, or better yet, a link.

This last week there were a couple.

• Tony Gallegos, who writes "The Mortgage Cicerone" thought my post called "Seriously" was fantastic. "From reading your blog, I can tell you are cut from the same cloth. I think it is SO important we protect the professionalism of our industry." That's a big honor coming from somebody like Tony. He is indeed a stand up "trust him with your wallet" kind of guy! Read his blog and you'll see for yourself.

• David A. Podgursky, also liked the "Seriously" and featured it in his Weekly Review, saying "This is a scenario mortgage brokers hear at least once a week."

• John Lockwood, emailed me yesterday to let me know he was including a couple of my posts on his rather excellent Sacramento Real Estate BLOG. "Yes, times are tougher than they were, but I admire your take on BS optimism. A little sincere gratitude for what we do have goes a long way, as you show."

How nice is that?

To all three of these fine professionals - I am honored and deeply appreciate your public acknowledgment! It's people like you that help make this world a better place!

Thank you!