Finance Articles

Americas Watchdog Applauds American Interbanc for Calling Attention to Mortgage Bait and Switch Schemes Used by Some of the Largest Lenders in the U.S

(PRWEB) June 29, 2007 -- Americas Watchdog is one of Americas premier consumer groups focused on homeowner or mortgage related issues in the U.S. In May of this year, Americas Watchdog gave American Interbanc its highest recommendation for being the best lender in the US for consumers with good credit, seeking a conventional mortgage financing, or refinancing.

Americas Watchdogs highest recommendation of American Interbanc was based on best interest rates, and best fees for a conventional mortgage. Americas Watchdog is now applauding American Interbanc www.americaninterbanc.com for their calling attention to a national epidemic of mortgage lender bait & switch (Promising and unsuspecting borrower one thing, and then giving the borrower something else). According to Americas Watchdog this is a gigantic problem involving print advertising or Internet advertising, promoting rates that do not exist, or caveats associated with the mortgage interest rate that essentially make it impossible for the average mortgage borrower to ever get what was hoped for. (AKA Bait & Switch)

In a notice to all U.S. Mortgage Lenders American Interbanc said the following:

Notice to our competitors:

June 27, 2007 American Interbanc intends to vigorously pursue competitors who are not posting rates that are available to consumers.

* Penalties charged for cash out refi's when none exist is bait and switch.

* creating arbitrary underwriting guidelines in order to avoid honoring an advertised rate is bait and switch.

*finding a reason not to honor your flat fee rates for higher loan amounts, where your margins drop to zero or below, is bait and switch.

Americas Watchdog applauds this courageous action on the part of American Interbanc. According to Americas Watchdog, "smart consumers and homeowners should also be on the look out for the following":

* If a radio or TV advertisement promotes a mortgage interest rate that sounds too good to be true, it probably is. If a consumer hears the phrase "no points" in an ad, it just means the consumer will get a higher monthly mortgage payment. If a consumer with good credit is seeking the best available interest rate and fees on a conventional mortgage finance or refinance, Americas Watchdog strongly recommends contacting American Interbanc.

* Let 10,000 bankers fight for a mortgage? Its a lie. These are slick "mortgage lead generation firms" that have no interest in the consumer, or a consumer obtaining the best interest rate. According to Americas Watchdog, "many to most of these firms simply get paid by sending the consumer to a mortgage lender regardless, if the lender is honest, or not".

* If someone calls a consumer and says: "Hi this is Bobbie and your neighborhood has just been approved for a 1% mortgage"; its a lie. Stay away from 1% start rate mortgages or pay option adjustable rate mortgages.

* If a consumer gets a computer pop up ad that says "Rates At Historic Lows" or some other nonsense do not take the bait. Once again, this is a tactic by "Mortgage Lead Generation Companies". If a homeowner is looking to obtain the best priced and most honest financing or refinancing options for a conventional mortgage please contact American Interbanc www.AmericanInterbanc.Com

If a consumer feels like they might be one of the millions of US consumers who have been cheated or bait and switched, by a dishonest mortgage lender or bank, feel free to contact the National Mortgage Complaint Center at Http://NationalMortgageComplaintCenter.Com According to Americas Watchdog, "Its pretty sad when there is just one courageous mortgage lender in the US, with enough integrity to call attention to serious industry wide problems. Americas Watchdog applauds the courage of American Interbanc to actually say something about protecting consumers. Its about time."

###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

Laurie Joins Panel at IP Finance and Valuation Conference
Inflexion Point Strategy, LLC noted today that Ron Laurie, Chairman of the Inflexion Point Group, would participate as a speaker and panelist at the Intellectual Property Finance and Valuation Conference held by Incremental Advantage in New York September 18th, 2007. Mr. Laurie will provide remarks in a session titled Using Intellectual Property to Make Investment Decisions.

Low Credit Score Mortgage Refinance - Lock In A Low Rate With Bad Credit
Even with a low credit score, you can refinance your mortgage for a locked in low rate. Bad credit doesn't have to prevent you from saving money on your loan costs. The best way to find a cheap rate is to research loan offers online. But you can also improve your loan application with the following tips.

Bridging Finance Basics
Bridging finance is a short-term loan that is used as a way to provide funding for the purchase of a new property while the borrower awaits the sale of an existing property. Unless all the stars are in perfect alignment, it's tricky to coordinate the sale of one property and the purchase of another property so that the transactions occur simultaneously.

Howard Weil, Inc. Selects Cypress Communications for Hosted VoIP Solution: Investment Boutique Chooses C4 IP for its Inherent Business
New Orleans-based premier investment firm, Howard Weil, Inc., announced today that they have selected C4 IP from Cypress Communications to complete their business continuity solution. C4 IP, the flagship product from Cypress Communications, is a fully managed voice, data and Internet solution that enables users to connect, communicate, collaborate and continue business as usual, in the face of any disaster.

Adhering Towards Banking Ethics
It is the obligation of banking institutions to educate their customers and help them understand in its simplest way regulations or processes they are following There are a lot of bank transactions with corresponding guideline that not all bank clients may seem to understand

The Top 12 Commercial Mortgage Loan Problems To Avoid
This article describes 12 recurring commercial mortgage problems that commercial borrowers and their advisors need to anticipate before it is too late. The following problems are common in traditional bank commercial real estate loans and should be avoided if feasible (special circumstances will periodically make some of these terms unavoidable).

Investment Property 1031 tax deffered exchange Part I: How Not to Become a Slumlord
After riding the ups and downs of the stock market roller coaster for a while, an increasing number of investors are looking into property investment as a more stable alternative. With hot markets in many parts of the United States, the time may be ripe for you to get into this potentially lucrative trade. I would suggest, however, that you keep reading before you jump on the first property you find. You just might find something in this article that will keep you from breaking the bank and your back.The hope of any investor is to build long-term wealth; this is a fairly straightforward principle and probably the reason you're reading this article. There are however, some rules to play by in the property investment game if you don't wan...

Real Estate Agents, Realtors, and Mortgage Brokers Find Hope in Internet Marketing at WowInternetBusiness.com
Real estate professionals being squeezed by the current market conditions are finding relief by joining internet marketing business systems such as www.WowInternetBusiness.com.

Fast Christmas Loans To Finance Celebrations!
Christmas is getting close and there is much to be done: presents to purchase, decorations to prepare, family and friends to invite, food to buy, etc. Christmas can really be expensive and more than often extra funds are needed. People resort to different sources of financing being credit cards the most common one. However, that?s because most people ignore how advantageous fast Christmas loans are and how they can provide all the financing that someone can need for celebrations.

Mortgage Life Insurance Bracing Your Home For Disaster
Mortgage life insurance may just be the most powerful security systems that has ever emerged with a focus of bracing your home for disaster. Having an insurance policy to cover the amount of your outstanding home mortgage will ensure the ability of your loved ones to stay in the home in the event of your death.

Mortgage Insurance is Now Tax Deductible: Savings for Many Would-Be Homebuyers
Katz Mortgage Team, www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced that Congress has just passed long-awaited legislation that will make mortgage insurance payments tax deductible on new mortgage originations beginning January 1, 2007.

Americas Watchdog's Expresses Grave Concerns Over Wall Streets Three Biggest Con Jobs Related To Auction Rate Securities, The Mortgage Mega Disaster,
Americas Watchdog is expressing grave concerns over the degree that Wall Street seems to be manipulating public perception with respect to, auction rate securities, the mortgage mega disaster, and expected interest rate cuts by the Federal Reserve. In the case of auction rate securities, Americas Watchdog calls it, "The worst single case of fraud in US history." In the case of the US mortgage mega disaster, Americas Watchdog is calling Wall Street, "A pack of liars in their attempts to gloss over the problem," and in the case of Wall Street's pressuring the Federal Reserve to lower interest rates, Americas Watchdog calls it "insanity, with the end product being hyper inflation."

Creating Legal Framework for E-commerce Taxation; non-tax statutes
We have to make amendments in existing substantive and procedural laws to make it compactable with changing technological advancement of e-commerce?Amending Contract Act, 1872I recommend the amendments in section 3 and 4 of contract Act 1872 so as to make the compactable with section 13, 14 and 15, of the electronic transaction ordinance 2002 related with attribute of communication, acknowledgement of receipt and time and place of the communication between the parties. Either additional section should be added for acceptance device of 'electronic communication', or words be added in matter connected with electronic communication relevant section 13,14 and 15 be evoked while interpretation of section 3 and 4 of contract Act 1872.

Second Mortgage Home Equity Loan: More Than Words
Words can be fun. English words are particularly interesting as they are born from a variety of sources. Although it is a Germanic language, about 50 percent of English is based on Greek and Latin. Have you ever thought about the origins of certain words? Take the word "phony," for example. British crooks once used different secret code words. On of those was "fawney," which alluded to a gift ring. The thieves would sell these rings, claiming that they were made of actual gold. So, the word "phony" began to refer to anything that was unreal. Another interesting word origin is connected to the word "hazard." This is derived from the Arabic term, "al zahr." What does it mean? The dice. The term became related to several games that used dice, ...