I do a lot of daily reading. Yesterday I was reading the Redfin Blog. In it they referenced an article that appeared in the San Francisco Chronicle last Thursday.

Mortgage crunch hits Bay Area hard because of jumbo loans

The article covered most of the basics, got most of the info correct, and overall was a well written article. Good job, Carolyn Said and Kelly Zito!

But then I got down to the bottom...

Do you know that sound Sitcoms use? The old needle on the phonograph record being dragged sideways? That's what I heard inside my head. Why?

Bankrate.

What you can do

With the mortgage situation changing day by day, it's hard to say what's best for consumers. One thing all experts agree on: If you don't have to be in the market right now, it might be best to wait this crisis out. If that's not an option for you, there are still places to get advice. For instance:

-- Bankrate.com: A free, online source of personal finance information that includes an entire section on mortgages, including local rate comparisons.

-- FDIC: The Federal Deposit Insurance Corp. provides comprehensive consumer advice on mortgages and home lending. Check its "Looking for the Best Mortgage" page for starters. You can find it at links.sfgate.com/ZOL.

-- The Federal Reserve: The Fed offers a great consumer overview of lending issues, particularly focusing on settlement charges. Check it at links.sfgate.com/ZOM.

-- The FTC: The Federal Trade Commission also offers an advice site for consumers navigating the mortgage market. Here's a shortcut to the site: links.sfgate.com/ZON.

Remember Sesame Street's "Three of these things belong together..."?

Three of these things belong together, one of these things just doesn't belong. three of these things are government agencies, one of these things is a capitalistic business who's primary function is generating income by selling leads, advertisements and banner ads. They also are knee deep in a Bait and Switch Lawsuit brought on by a former Advertiser / Lender dating back to 2002.

Bankrate is much like LendingTree. Both disguise themselves as friends of consumer. LendingTree is a lead generation business (who also was caught in a lawsuit of their own. See: The Truth About Lending Tree). Both are in the business to generate income. Both advertise massively and tout that they are there for the consumer.

There is nothing "Americanly" wrong with the business model. They are in the business of making money and do so by attracting clients in what some might say is a deceptive manner - the truth is, that's advertising!

My issue is with the Chron article including and referencing Bankrate as a real resource. I'd have the same problem if they had said, "Go to Mike - He's the Man!" Yes, I am. But I too am a capitalistic business who's primary function is generating income, albeit with a slightly different advertising pitch.

Integrity.