Please note this is only my second reply to you. My first reply was to your third comment on this thread which was a negative reply to Mr. Smith about lenders. After my first reply you complain and imply that I baited you so that I could make that first reply “full of ….” Please back up that claim.

Sir, I admitted my ignorance in not knowing what a “private” consultant is. I pointed out, that HUD is not the villain you made them out to be. I also pointed out that many of us show three loans on the comparison sheet which counters your charge.

You say I take no positions? I plainly told you that you needed to associate with some good originators for one. I clearly took another; your expressed opinions need some work when it comes to the facts.

Then you attempt to smear me with “you never see the damage done to seniors up close and personal.” The damage I normally see is what people with biased opinions do to seniors who need the help of a HECM but are holding on to those biased opinions to their own detriment; these self proclaimed “experts” bluster how they are the experts, then make factual misstatements and cannot take the mild heat of being corrected. Yeah, I see it way too much.

I also receive several calls everyday from seniors who are underwater, going deeper in debt, and have no money to pay off the difference between what they owe and what a HECM will provide. I help who I can, tell others to seek loan modification with their lender even helping some find the loss mitigation group, and refer yet others to reputable loan modification providers.

Unlike you I am one of those on the frontlines everyday — concerned about how Congress will actually “fix” the perceived HECM budget shortfall, hoping it will not be on the back of seniors and looking to NRMLA for direction on what I can do.

I am also concerned about issues in HERA that are coming home to roost. Soon Fannie Mae (i.e. HUD to you) will be forced by law to reduce their investment in mortgages. Right now Fannie Mae buys almost all of the adjustable rate HECMs from bankers. Where will we sell our adjustable rate HECMs if Fannie Mae must reduce or terminate those purchases after the end of the year?

Yeah, Fannie Mae facilitated much of the forward mortgage mess, but Fannie Mae is actually trying to help us by finding other investors in requiring higher margins so that they will compete with Fannie Mae for these loans. Yeah, I do not like how they did it and complained but now it is time to find solutions. Did you complain to Fannie Mae (oh yeah, I mean HUD to you) and what solutions are you advocating or more importantly seeking?

Congress needs to cut out an exception for HECM purchases by Fannie Mae. So far such suggestions have fallen on deaf ears.

You have the luxury of sitting around dreaming about “your positions,” searching for witty Shakespearean quotes, and nursing hurt feelings while the rest of us who are bankers must find real answers so that people like both you and me can provide answers for seniors. I do not blame you for not wanting to be a lender. It is a whole lot harder than being a private consultant and requires those who will actually be accountable and responsible to others for what they say, do, and write.

I'm sure there are things I can learn from you but you want to walk away. That's OK but please get over the hurt feelings and go out and help some seniors.

Thanks for the response. I'm here on the West Coast and am not always aware of what happens in places like “the Big Apple.” It could be that in some parts of the country, the prominent ads were with James Garner rather than Robert Wagner.

Getting negative things out in the open is a great technique. Many times it really helps.

Not long ago, a couple who live near the Will Rogers Ranch in LA came into my office. I had talked with the husband for a few minutes one day before that and then he told me he and his wife were coming to my office for an appointment. When they arrived, I could tell all the wife wanted to do was leave.

After the husband introduced them and told me a little about their situation, he turned it over to his wife. She promptly put an article in front of me on reverse mortgages. Of course it was primarily a negative anecdote. It was also very well written with some clear and positive reasons for seniors to look for other sources of financing. Fortunately that morning I had read the same story in RMD. As we sat there I first pointed out the positive reasons not to get a HECM and then refuted the wrong ones. At the end, she smiled and told me: “I don’t know why but now I trust you. Honey, I hope you brought your pen, we are getting the reverse mortgage from this gentleman.” She had not come prepared to stay so the drive to our office plus the meeting was wearing on her but she (and he) is very happy with what their HECM is doing for them.

Your points are well taken. Enjoy the holiday.

It's really easy to stand apart from an issue and do what you do because you never see the damage done to seniors up close and personal. In reading several of your responses to different comments, it became clear that you take no positions other than to be opposition to any comment made.

Well, I took the bait, and you've had your ten minutes on my stage but I will no longer engage in this Shakespearean venue, “full of sound and fury, signifying nothing”.