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The mortgage industry is in flux. There has been a variety of solutions suggested to the mortgage industry’s issues, most providing more information to consumers. Realty Times writes a very informative article today that outlines the major problems and suggests some fairly good solutions.

Consumers Mortgage Issues

A report from the Ford Foundation outlines the following mortgage consumer issues…

• Consumers are confused about mortgages and the uniformed choices they make cost them their homes. Even the most sophisticated borrowers find it difficult to shop effectivevly in the complex mortgage market. Their confusion allows them to be easily swayed into signing for loans they can't afford.
• Consumers often struggle with the complexity of mortgage pricing, loan features, futures change in mortgage payments and other elements inherent to non-traditional loans.
• Consumers are vulnerable to "push marketing," as mortgage professionals prey upon their vulnerability to sell products that are not in their best interest.

Additionally, this report found that higher priced and more complicated mortgages were often inappropriately marketed to low income and low wealth individuals. These individuals typically were unable to understand how these loans worked and were more likely to take loans they could not pay for.

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