This one made me nauseous. I don't know who Kenneth Harney is, but he wrote an absurd subjective piece two days ago in the LA times.
He tries to distance his own negative opinions by writing that all of the negativity is from "the regulators" and that people in the Reverse Mortgage industry are guilty of not emphasizing teh negative aspects or Reverse Mortgages and stressing the benefits! I wonder if there is ANY industry in the world that isn't guilty of the same offense,it's called MARKETING or SELLING and it occurs for every product or service.
How about doing some actual research and telling us: How many complaints relative to closed loans? What the satisfaction rates are? If there are more less regulations for Reverse Mortgages relative to traditional "forward" mortgages? How about recent legislation that made many of his problems go away?
Nah, Ken would rather do the same stupid, moronic, subjective, ignorant piece that we have seen so many times in the media lately. Reverse Mortgages are bad, some borrowers don't understand them, some loan officers in the past have taken advantage of their clients, blah, blah. He didn't even bother to make one positive comment. I'm going to go vomit now. If you need to get some food out of your stomach; here is the link:
http://www.latimes.com/classified/realestate/news/la-fi-harney27-2009dec27,0,594564.story
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