Friday, September 02, 2005

'A Lot of Shady Business Being Done'

Seth Jayson over at Motley Fool dared write about the dangers of loan products like interest-only mortgages, only to be inundated with letters. In an update column, he shares some of those letters, and says they gave him cause to be hopeful:
I got far more letters from industry professionals who share my concerns, and are quite evidently worried for their customers as well. These responses came from across the financial spectrum, from owners of small mortgage-banking firms to employees of enormous corporations like Citigroup (NYSE: C) and Bank of America (NYSE: BAC).

Though the latest batch of email confirms my suspicions that there's a lot of shady business being done, it also gives me great hope, because it proves that there are plenty of good people out there who are determined to help homebuyers make Foolish financial decisions.

Find the entire column at this link.

— The Boy in the Big Housing Bubble