Absurd Mortgage Practices Lead To American Nightmare2 November 2005
A wave of new mortgage products is flooding the market, many promising credit-challenged homebuyers the key to the American Dream. Christian Werner, CEO of New World Mortgage, says the American Nightmare is a more likely scenario.
“Innovation in mortgage products is great, but it is absurd for people in our industry to place credit-challenged consumers into some of them. They may be able to buy a home with some of these sophisticated mortgages, but they probably won’t keep it long,” says Werner. “As an industry, we must educate people on their options and help guide them to the right products.”
Werner points to the 6-month deferred payment mortgage, the 128 percent loan that also offers an equity credit card, and even a one-day out of bankruptcy mortgage.
“I’m sorry, but if you are just out of bankruptcy, you need to go into credit time-out for a while,” he says.
New World Mortgage, Inc. is the full service mortgage brokerage whose mission is to be a consumer’s financial advocate, not just a one-time lender. The Charlotte Business Journal reports that in 2003 New World Mortgage closed more loans than any other mortgage brokerage in the Charlotte metro.
The company, which does business in the Carolinas, Ohio, Colorado and Missouri, is located on the web at www.mortgagemaps.com, and can be reached by telephone at 704-549-4600.
Source: EMEDIAWIRE
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