Released: September 02, 2007

Lock out ‘mortgage protection’ pitches

Source: David Lazarus, Los Angeles Times (Free Registration)

The meltdown among sub-prime mortgage lenders shows a particularly ugly side of the housing market - the business of selling high-risk financial products to people who may not be that financially savvy.

Here’s another: the flood of solicitations that spill in after you buy your home offering “mortgage protection” and other such critters. They come from companies that, more often than not, are bending over backward to disguise who they are or where they do business.

“The onslaught occurs when there’s a transfer of title,” said Tom Pool, a spokesman for the state Department of Real Estate. “It’s public information, and that’s how they find you.”

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