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The Media Overstates CFPB’s Reverse Mortgage Complaint Report
The media is inaccurate, misleading and selective in reporting the facts? What’s new. The Consumer Financial Protection Bureau’s recent release of it’s report on reverse mortgage complaints was seized upon by both the media and so-called consumer advocate groups. Surprised? No. Damaging? Possibly.
First of all some of the complaints are quite frankly absurd. Take for example the complaint that lenders were unwilling to lower the interest rate making them feel they were being overcharged? Seriously? Even traditional mortgage lenders are unwilling outside of a modification to make such concessions.
Back to our wonderfully accurate media. AARP published an article entitled “Surprise! Reverse Mortgages Are Very Confusing”. The media overall didn’t do much better failing to mention that reverse mortgage complaints only comprised roughly 1% of all mortgage complaints. Hey, don’t let facts get in the way…
Download a transcript of this episode here.
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