While other companies and homeowners are struggling with the mortgage mess, Primerica is not doing enough to help families with the mortgage crisis. Despite that the company consolidate debt of almost $9,800 per minute, Primerica is not even making a small dent in the debt problem in America. It is estimated that over $460 billion of adjustable rate mortgages will reset in 2008. That means many people will have to pay more every month to keep up with rising interest rates or face foreclosure. Primerica's clients are not worried about their mortgage being adjusted because Primerica's loans are always fixed-rate 100% of the time.
George Boelcke, FCI wrote an article about the mortgage crisis in the American Chronicle and he wrote, "Primerica has never originated any ARMs with their refinance products (done through Citicorp Trust Bank). Their clients are watching the mortgage crisis from the sidelines and the safely of a fixed-rate term and consolidation, thinking: 'that could have been me in a foreclosure…'" You can read the full story at: http://www.americanchronicle.com/articles/52696
About a month ago, Oriental Financial Group entered into an exclusive mortgage alliance with Primerica Financial Services. Primerica will function as a new distribution channel for Oriental mortgages in Puerto Rico. The primary focus of the effort will be Primerica's long term, fixed-rate mortgages provided by Oriental as a means to consolidate debt at attractive terms. Primerica has approximately 400 full time and 2000 part-time financial representatives in Puerto Rico. (Source: CNN Money Jan 29, 2008).
Primerica is doing something great that is helping families bring back financial stability. The problem is that Primerica's agents needs to do more before more families goes into foreclosures. I wish I can do more, but I can only do so much in such little time. That's why I and many other Primerica's agents recruit. Its to manage our time effectively and get more things done.
Wednesday, February 27, 2008
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