The Loan Crisis: Where To Get Help
They’re calling it the “mortgage crunch”. Less money is available for mortgages and softening home prices are largely to blame.
You know it must be serious when the Chronicle makes the subject its lead story and then devotes several more pages to the issue.
So, what are we to do? Well, the same article suggests that “if you don’t have to be in the property market right now, it might be best to wait this crisis out”.
Given that that is not always an option, the paper offers a useful list of sources of advice for people who need a mortgage now, loan crisis or no loan crisis.
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.
The Federal Reserve: The Fed offers a great consumer overview of lending issues, particularly focusing on settlement charges.
The FTC: The Federal Trade Commission also offers an advice site for consumers navigating the mortgage market.
Mike Mueller said:
I saw that article in the Chron and cringed at the reference to Bankrate. Why?
The everyday consumer has no clue about the issues Bankrate has had in the past and even today.
Do a search for “Bankrate Bait-and-Switch Lawsuit”.
That list reminds me of Sesame Street. 3 of these things belong together…
3 are government entities, one is a capitalistic business selling leads, advertising space, banner ads and anything else that will generate income. It is not in any way shape or form to be confused with a public service agency. Not that there is anything wrong with the business model. It just isn’t what it purports itself to be.
August 15, 2007 11:26 AM
tracey.taylor said:
Interesting. It would be worth you getting in touch with the writer of the article. Thanks for your insight.
August 21, 2007 6:05 PM