Yesterday we received a letter about the “Economic Stimulus Act 2008.” The letter had an official government look about it. So much so that my wife showed it to me asking if I knew about the program. Here's a direct quote from the letter.
The Economic Stimulus Act of 2008 has allowed the Federal Housing Administration (FHA) to temporarily broaden lending policies to assist mortgage holders and promote economic stimulus.
Status:
Our records indicate that you have not yet called to confirm eligibility for your property at ... . It is important that you contact us toll-free 1-888-477-4438 within 3 days of receiving this notice.
The letter sounded and rather looked like a government letter. However down at the bottom of the page in rather smaller type was the following:
This offer is being made by Shamrock Financial Corporation who is not affiliated with your current lender. It is not an agency of the government nor is it affiliated or associated with HUD/FHA. This is not a government form. This is not a commitment to make a loan. ...
So what I have from Shamrock is a) deceptive but b) legal. Should it be legal?
A bit of checking finds that Shamrock is one of those credit vultures that solicit the unwary with doubtful credit offers managing, but only just, to stay within the letter of the law.
The letter got me to wondering. Why is it that companies like Shamrock that are arguably part of the problem can continue with business as usual why the country deals with the aftermath of their previous dealings? Isn't it time that we put back the stricter regulations that helped protect consumers from such companies? Of course that would be common sense, a rather uncommon quality in government.
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