When a person or an organization maintains the appearance of being above reproach any position taken immediately has the quality of truthfulness. So when respected media runs an article/story on a subject one would think that it was carefully researched and vetted. Sadly, the reverse mortgage industry is discovering that this is not always the case.
Recently channel 7, an ABC affiliate in Los Angeles, California aired a reverse mortgage story on the 5 O'clock news. This is yet another example of reporting gone amok. This kind of reporting is nothing less than the classroom whisper game at its worst. It lacks intellectual honesty and defies common sense. Just how many times does an industry have to defend itself against a media that insists upon working at the margins of ignorance?
It seems to me that too much of the media is quickly devolving into low trust type of organizations. Often we see that facts are manipulated. Information that does not fit an agenda is withheld.
In this story we hear the daughter say that 4 years later, the reverse mortgage her mother obtained was the worst decision she ever made. Then we are informed that her mother was “persuaded” to take out a reverse mortgage. Why it is when such a stories are aired the “broker” has always persuaded the individual to take out a reverse mortgage against their will? Gee I have been in this industry for over 7 years and I couldn’t persuade one to do this if they did not want to. I must be doing something wrong.
How many times does an industry have to correct inaccurate and misleading reporting? Does truth not mean anything anymore? If people led their lives the way reporting is done today, when crossing the street we would look one way and not the other way. When running a business we would be concerned with income while ignoring expenses. You have to agree that this is sheer folly.
Yet the media has great influence upon our views and conclusions. It affects how and what we think about a subject. It was not too long ago that a respected and trusted figure in the financial world did the unthinkable. Is the media misusing the trust factor to purposely sensationalize stories by falsifying facts? Is madoffing now the only way the media can increase viewership and circulation?
Comments