Angry at the Media

This is a recent letter I sent off to as many people as I could in a fit of rage of how the media is not helping the banking/mortgage world.


Dear Channel WCVB TV Channel 5 Boston MA,


Let me start off by saying I have been in banking and mortgage lending for over 15 years and pride myself and my staff for offering traditional Fannie Mae mortgage programs to homeowners. I own Emerson Lending Company in Acton MA and we consult with our clients and assist them in making the right choices for home ownership. We do not charge points, we keep our closing costs lower than the neighborhood savings bank and we do not charge broker fees. We continue to provide services and consult with homeowners of what they can actually afford. I currently own my own mortgage company in Massachusetts. My company was incorporated by the Commonwealth in 2003 and I am reviewed and audited by The Massachusetts Division of Banks.

Today, Saturday August 11, 2007, I tuned into your station at 12:30pm looking for news, when I noticed a “paid programming” event. After viewing the paid programming for only a few moments, I was outraged and absolutely disgusted at what I was watching. I was especially outraged after this past week and what the economy has gone through in the banking world.

WCVB TV was allowing a “paid advertiser”, a mortgage lender to promote various types of mortgage programs that brought the housing market to where it is today. I am absolutely disgusted with who ever is in charge of your programming, ethics and morals. Such programs as a 50 Year note, 40 Year note and even the Negative Amortization mortgages were being pushed along with a host of other mortgages that continue to get consumers in trouble. The paid advertiser was promoting taking cash out of your home and then moving to a video showing a couple in their overpriced speed boat. Your home is not a casino!

You have certainly witnessed as well as reported the news over the last few months of how foreclosures, bankruptcies and homeowners have lost their homes. Of course, you have seen the political race in the nation and how each candidate would like to go after fraudulent mortgage companies. Some of the main targets have been mortgages with pre-payment penalties, adjustable rate mortgages and of course loans with high costs to the borrower. This company was touting these products like George Foreman and his grill!

Do you actually care about the content of what you are airing or do you fall into the category of this type of Mortgage Company? By that I mean, “Let’s just take the money from them and who cares what happens after” mentality. I know your channel and newspaper both receive advertising dollars from many of the Alt A Lenders who put us in this mess, but yet your writers have the nerve to slam the big honest lenders?!?!?

I am not a writer or a political activist of any kind, but when something like this is so blatantly obvious of how it can affect the consumer, I must speak out. I have sent this to my local and statewide elected officials as well as many real estate professionals.


Sincerely,


William Nickerson
President
Emerson Lending Company
Acton MA 01720