There’s no question the mortgage industry has changed dramatically since the beginning of 2007. Subprime mortgages are now as rare as gold, and credit requirements have become much stricter. Alt-A mortgages too are hard to come by. Many large mortgage providers have seen profits markedly down, and some have even closed their doors. And sadly, a lot of homeowners are now struggling to pay their adjustable-rate mortgages and keep their homes.
But no matter how much an environment changes, some things stay the same. Those outrageous advertisements offering unbelievable home loans are still being used by a minority of mortgages companies to draw in new customers, even as their previous customers are being foreclosed on because they were sold a loan they didn’t expect or understand.
The Ad Constant
Such ads are rarer than they were a year ago, because quite a few of the companies which depended on them for bringing in new business have moved on to more profitable industries or simply shut up shop. But they can still be found, lurking on websites big and small, and tempting desperate homeowners into taking the bait.
Fortunately, such ads are...
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