Insider: You got that right, Mr President

by MPA08 May 2012

It’s often hard to get referrals and endorsements of your business – after all, you’ve gotta service the hell out of those clients first. But it’s even harder, Insider thinks, if you’re a dodgy mortgage broker and you’re looking to get the public vote of confidence of the President of the United States – that’s right, the Commander-in-Chief - himself.

However, one such mortgage broker hasn’t had too much trouble at all. Hayden Barnard of Paramount Equity Mortgage in Seattle - who was pinged for $400,000 back in 2009 for false advertising – is now running an advertisement on radio stations in the West of the country that grabs a large sound bite out of an Obama speech. During the oratory, the President appears to extoll the virtues of refinancing. Not only that, but Paramount has made it seem as if the President is actually talking specifically about the business itself. Perhaps a step too far, Insider thinks.

As reported by Forbes, Paramount is not only burdened by a dodgy advertising history, but is being looked at closely by the media for Presidential – oops, predatory – lending. In fact, Insider thinks the President may not have been too happy to find out Paramount’s connection to one Robert Bales – the Army sergeant currently facing charges for murdering 17 civilians in Afghanistan. A report in a local Seattle newspaper claims Paramount put Bales into two loans that could be considered ‘subprime’, with high interest rates, prepayment penalties, and balloon payments”. Didn’t anyone every tell Paramount mortgage stress is a killer? Paramount has denied being predatory – but apparently is still happy to link itself with all things Presidential. So far, the White House has kept silent – not for long?

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