Thursday, March 20, 2008

Fed cuts rate .75 and mortgage rates increase.

Is anything going to stop this run away train? What is funny is that the Mortgage Brokers and L.Os are being blamed for this financial mess. I would equate this to a car salesman selling a car and then getting blamed when the drunk driver hits a tree and kills himself in said car. WTF? Customers called in and knew what they wanted, THE LOWEST RATE. This was always an ARM product. If you quoted a fixed rate they would close with the lowest quote which would be an ARM elsewhere. Supply and demand concept. How is this the sales persons responsibility?