Spreading like fire
This article is spreading across the mortgage / real estate blogosphere very quickly. My feeling is that all of the different loan options available are tools. But, just like with a hammer or screwdriver, if you pick the wrong tool, you will fail. You do not hammer a nail with a pair of pliers. You do not put an uneducated, uninformed borrower into an Option ARM. These programs are very sophistcated instruments that even most mortgage people do not completly understand. And they WILL bite you if you miss the fine print.I am all for higher standards in the industry. I would like to see national standards, a national test, education requirements (ie college degree), continuing education and the trade associations to step up on a national level in the pubic spolight.
Check out the article.
posted by jkballentine @ 8:20 AM
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