New NAMB Prez Laments Brokers' Image

In his first speech as new president of the National Association of Mortgage Brokers, Marc Savitt declared that mortgage brokers are being unfairly blamed for the mortgage meltdown because the mainstream news media do not understand the issues. Speaking at the group's annual convention in Indianapolis, Mr. Savitt said the mainstream media have failed to talk about the positive things going on in the market. Housing affordability has returned, and people who were priced out of the market can now afford to purchase. Furthermore, interest rates remain low. But consumers "are not getting that message," which he said they need to hear from the mainstream media. Among the goals of Mr. Savitt's presidency will be to improve the image of mortgage brokers. He said he is willing to meet with critics of the industry and educate them about the role mortgage brokers play in the process.