Tuesday, October 14, 2008

Homeowner Advocate Lends Americans A Hand

Ted Krager Blows the Whistle on the Mortgage Industry and Exposes Money-Saving Tactics!

Dallas, TX – October 14, 2008 - The home mortgage process is being exposed. Industry expert, Ted Krager, reveals the underhanded methods used to cheat millions of homebuyers. For the first time, the reality of the economic downturn, the collapse of the banking industry, and the devaluation of the housing market is impacting nearly every American and they are demanding to know how this crisis started.

Krager’s new guide tells how the mortgage debacle began. More important, it helps current homeowners save their homes by securing more equitable refinancing terms and guarantees that future homebuyers are not swindled into paying the same unnecessary hidden fees. It is the first step in correcting a near-corrupt industry that has contributed to the home market failure today.

A Harvard professor’s 2002 study revealed that 85% of mortgage loans have hidden fees / commissions that cost homebuyers thousands of dollars via three schemes still pervasive in the industry: higher rates than the best rate that was available, larger increases that were buried in their adjustable rate mortgages and hidden pre-payment penalties. Homebuyers are purposefully being deceived and this has contributed to the financial meltdown!

Starting with President Carter, then Clinton, the Community Reinvestment Act, Congress and Fannie Mae and Freddie Mac, Washington forced the nation’s largest lenders to “relax” underwriting guidelines for mortgage loans so that more people could qualify for a home loan. “Be careful what you ask for” is the message here, as many renters that should have stayed renters became homeowners with loans they couldn’t afford. This opened the door wide for opportunistic loan officers using various and ongoing scams and rip-off schemes to take advantage of consumers. The failed mortgage system is still very much gamed against them.

Ted Krager’s new e-Book - Dirty Little Secrets of the Mortgage Industry – delivers the specifics of these unscrupulous methods used to earn overly large fees and commissions by preying on the consumer’s lack of knowledge. Further, the e-Book shows borrowers how to trim excess costs lenders are try to hide through misunderstood jargon and “yield spread premiums”. Ted even provides homebuyers with a “Consumer Contract of Rights” for their loan officer to sign, ensuring they get the very best rates and lowest fees.

“Mortgages are not rocket science,” Krager asserts. “However, all the tricks used to hide costs that hurt consumers are not something most people outside the industry know or fully understand. I took loan applications for thousands of people over my career as a loan officer for a national mortgage banker and mortgage broker. Armed with these tricks of the trade, a consumer can drive the deal and secure the best mortgage or refinance.”
Ted Krager’s efforts to inform America's homeowners has been covered by Forbes, MarketWatch, CNN Money, Bloomberg, Reuters, The Wall Street Journal, USA Today, Washington Post, LA Times, ABC, CBS, NBC, FOX, VoiceAmerica, Modavox & more. See complete media coverage or buy the e-Book at http://www.homeowneriq.org.

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