Far be it for my mailbox to have its finger on the pulse of national trends, but soon after I posted a lengthy analysis here and here (ok it was really a ranting diatribe) of a predatory lending offer I'd received, they all but disappeared and it's not like they're reading this blog. Clearly the bottom has dropped out of the market for taking advantage of people this way and the low life con artists have moved on to whatever the white collar equivalent of stealing copper vases from cemeteries is. (Seriously - how do they live with themselves?).
In recent weeks, I have received precisely one refi offer and it was completely legit. It quoted the public record of my house and who my lender is and the loan amount and then said if you're interested in refinancing this loan, please contact us. That's it. No promises of anything - no riches, no fortune, no fame - I felt gyped - what IS the world coming to? There wasn't even anything written on the back of the letter. I should have taken note of the company to see if their message ever changes.
And it might very well change back. Interest rates have dropped a little (I should have a reference but I don't and you've no doubt heard), but at the same time there is more interest in prosecuting Predatory Lendors. Apparently, the prosecution of these lendors has fallen through the cracks as former fed demi-god Alan Greenspan thought it was a State issue and the states were saying Gee that sounds an awful lot like a Federal issue. (I heard this in a Terry Gross Fresh Air interview). Sounds like a federal issue to me as it's too easy for these low lifes to cross state boundaries.
Even the spam trap that I manage at work doesn't have the usual refi offers. We're now back to Viagra, enlargment promises, meet the woman of your dreams, porn, Nigerian advance fee scams, and get rich quick schemes. I miss the variety in a way (not really).
Wonder what the next big con will be?