I’m sure the majority of RMD readers saw MSNBC’s “Consumer Man” terrible article on reverse mortgages.
MSNBC’s Herb Weisbaum wrote that consumer advocates believe the country is headed toward another mortgage meltdown in the reverse mortgage industry. “Many of the players from the subprime disaster have now moved into the reverse mortgage market,” he says.
Referencing the National Consumer Law Center’s Subprime Revisited report, NCLC attorney Tara Twomey told MSNBC the problems in the reverse mortgage industry are “eerily similar” to those that drove the subprime boom and led to its bust.
It’s one of the most one sided articles we’ve seen in some time but Michael Branson, CEO of All Reverse Mortgage Company fires back with an incredibly well written response. Branson goes line by line through the article and points out the inaccuracies of the reporting.
Specifically about how the numbers used in the article do not add up. Well worth the read.