A Request for Those Sites With Ads

I have a request to make of the 'sphere. You all approve or don't requests for advertising. Those "Mortgage rates hit record lows" ads are factually incorrect and misleading. Mortgage rates aren't anywhere near record lows anywhere in the country. They've increased significantly in the past few months. And those ads that say things like "$200,000 mortgage for $505 per month" are advertising the teaser payment for Negative amortization loans and are fundamentally dishonest.



Here is one loan calculator that figures what's missing from a loan's terms. Enter 12 payments per year, the loan amount, the payment amount, and 360 for the number of payments. Anything that comes out less than about 4.5% is undiluted BS. Lest you have any doubts, I will be happy to deconstruct any and all of it.



Here is a Google search for mortgage Interest Rate calculator.



Here is a Yahoo search for the same thing.



Ask Jeeves.



MSN Search.



If you're holding yourself out to be a seeker of truth, and running these kind of ads, you are deluding and defeating yourself, and furnishing both a platform and a vehicle for misleading your readers. It's one thing to run a "lenders compete for your business" ad, which are legitimate and promise nothing specific, only a general "Let's see if we can help you." It's quite another to run ads that offer teasers of something that is not available or completely misleading about what it purports to deliver.



I just saw too many of these misleading pieces of excrement today to let it pass unmentioned any longer. I clicked several, and they all went straight to sites that I have dealt with in the past, and will not any longer deal with. They lure potential clients with something that is not available, and then sell the information to multiple loan providers, and then sell it to resellers, who pass it on to more loan providers and information resellers.