'Let the buyer beware' is still great advice

How much pain does it require for a mortgage salesperson to "get it"? In a recent T.O. Acorn, there was a single page flier from a WaMu sales rep.

The pitch was to lower your payment. Not very original, especially when the fine print reveals this is a 40-year option ARM product where the rate can- and will- increase monthly to above 7.5 percent. The product also allows the borrower to pay less than the accrued interest every month, thereby allowing the balance to increase to 115 percent of the original balance. What a deal!

I'm sorry, but selling this product under the presumption of doing a customer a favor is outright ignorance.

Hasn't he heard the news or read a paper lately? Isn't he aware of the class-action lawsuits around this product? Or is he more concerned about his reduced commissions due to a weaker mortgage environment?

The Acorn needs to stop accepting money to advertise for ignorant salespeople, and ignorant salespeople need to stop pretending like the public is stupid. Wes Lazear Thousand Oaks