This guy calls himself a consumer advocate. On the one hand he is correct that mortgage companies have sold some products without educating their customer about the downside of these types of loans. And the loans he uses as an example can be disasterous for an unsophisticated borrower. On the other hand it appears to me that he is a mortgage broker or banker that is taking advantage of the market opportunity to obtain refinance business. NOthing wrong with that, but he is marketing himself as some kind of a saviour and trying to elevate himself by criticizing the realtors and lenders. Certainly both realtors and lenders can and should educate themselves and the consumer about finance, but the consumer has an obligation to study finance and investment as well. The consumer must take responsibility for their own decisions. To blame others for ones decision to sign a loan obligation of $500,000. is childish. If you don’t understand what you are signing don’t sign it! There are shady characters in every business and government. This guys software and marketing effort will not stop that. I am hopeful that consumers will read his information in conjunction with other books about the economy, finance, housing, investment theory, politics,faith,healthcare, etc.. This guy is a shrewd marketing guy. I just wonder if he or any of his associates has ever received a commission from selling a loan other than a fixed rate fully amortized loan in the last 4 years. He is a consumer advocate. He is advocating that consumers send him a lot of refi business.
