What those of us in the commercial and residential mortgage industry already understand all too well is just how important the “consumer sediment” is to the buying patterns (and willingness) of both home owners and business owners in this country. One well known (albeit controversial at times) report is the Michigan Consumer Sediment Report. Simply put, the report focuses on the US consumer. No one doubts that rising energy and food prices are taking a massive bite out of consumer confidence. 18 months, the US was running a mid to upper 80%’s number. This month, lower 60’s. While this data will be overshadowed by other economic progress report and will almost surely have no impact on the direction of mortgage, credit, auto interest rates, they do point to the sour mood the US household.
So, to witness firsthand last night the high praised NBC show ER, take a pot shot at both the mortgage industry and our financial system was in my mind, poorly intended and poorly executed. The premise of the show is a nice, everyday (neighbor next door) young couple turn Bonnie and Clyde when (in great detail) their mortgage payments went up and while they worked as feverously as possible, subsequent default and foreclosure notice arrived at their home forced them to (of all things) rob a bank!
Come on NBC, I expect better from you.