Paramount charged with ‘deceptive lending practices’

Funny, as I was reading this his radio spot aired at the same time!

I wondered about that morgage bank bit. The radio spots always sounded so sleezy. It's a wonder anybody called, after wiping the dial off on their radio.

Vitalogy said: "People that tend to shop rates, fall for TV, radio, internet, or newspaper advertisements end up working with the losers of the industry. Any realtor or loan officer that does a good job for their clients doesn't need to advertise, their previous clients do it for them."

Case in point, thank you.

Gee, a mortgage firm engaging in deceptive lending practices. Big surprise. No different than most of the major banks on Wall Street. Wonder when they'll all be prosecuted?

They won't, because most of them are not guilty of breaking any laws. They are guilty of not assessing risk properly.

It seems to me you have some sort of bias against the banking system, yet, don't really have the experience or knowledge to provide anything more than a somewhat uneducated opinion on the matter. I suppose you think banks should be non-profit enterprises and loan money for free?

There was a change to the commercial today to comply. When he lists a fixed rate below 6% on a 30 mortgage you would think that's great. But that is only for the first 5 years.

So basically he's selling sub primes where the interest and payments change frequently. But the radio add now declares for less than a second that the teaser rates are only during the first five years of the 30 year mortgage.

I'm glad you enjoy serving as an apologist for an industry that will lose roughly a trillion dollars because it allowed unbridled greed to usurp good judgment. You can try to paint me as uneducated or naive, that’s fine. But quite honestly, your naiveté about the larger implications of the banking industries conduct would seem to question your better judgment. The sad fact is the banking industry is its own worst enemy. And you'd have to be living under a rock not to see the implications of their boneheaded business decisions. Given that you’re a sell proclaimed expert, perhaps the National Banking Lobby will hire you on as a public relations specialist. You can explain to the general public why a trillion dollars in losses over one segment of the banking sector is the consumers fault. You could regale us with tales of how consumer hoodwinked the banking sector and stole a trillion dollars in the process. I’m sure the public would find your explanations of a consumer led conspiracy against the banking industry highly believable.

I've never said that the losses the banks were taking were the consumers fault. I've said the losses the consumers were facing is their fault. Big difference!! Take your blinders off and read what I wrote!!

And, I'm going to call you out on your claim of a trillion dollars in losses. Show us your proof.