A Poorly Chosen Word

I got a note from a mortgage company the other day that made me laugh and then it made me angry. The note was touting lower interest rates available now and urging me, and other readers of the E-newsletter, to take advantage of the just over 5% fixed rate loans currently available. The sentence that followed is what got my attention. It mentioned—and I’m paraphrasing, but the word in quotes is a direct quote—that the “greed” involved in waiting for an even lower rate should not stop us from refinancing right now. Unbelievable! A bank, a mortgage bank, admonishing customers not to be greedy.

As we know, the mortgage crisis is at the heart of our current economic troubles. We also know that the Treasury Department is working to bring mortgage rates even lower, a good idea that will stimulate the economy. So, for a mortgage banker to suggest that “greed” would motivate a potential customer to wait shows a disconnection from reality, at worst, or a loose use of words, at best. For somebody to try and get an additional ¼ to a ½ percent better rate on a mortgage could mean the difference between keeping a home and losing it. It could mean sending a kid to college with little or no debt, or saddling the next generation with the fruits of the current folly. No, trying to wait it out for a better rate is not greed at all; it is thrift, something that has been in too short supply lately. Could waiting backfire? Certainly, and that was the well-meaning point of the banker’s admonition. But “greed” was clearly the wrong word.

On the other hand, greed is when somebody who has enough, or much more than enough, wants even more. And we have had too many examples of real greed in the last few weeks. The bankers who took bonuses while accepting taxpayer funded bailouts, the governor accused of trying to personally profit from abusing the public trust, or the investment adviser with several multi-million dollar homes who runs a high level Ponzi scheme, all represent greed in its true meaning.

So please, if you’re trying to sell mortgages, don’t abuse the language and insult your potential customers.

There, I feel better now.