I see a commercial on TV for E-Agent.com.  Maybe you have seen them too…they have a big red circle with a lower case “e” in it.  It seems they are pretty new so don’t let them get any bigger!

Here is what they say on their commercial.

(TV marketing at it’s finest…)

1. Identify great deals

2. See more real estate listings

3. Shop for lower mortgage rates

4. The new way to shop for everything in real estate

On July 19th, Fed Chairman Bernanke testified before the Senate Banking, Housing and Urban Affairs chaired by Senator Dodd. In the Q and A portion of his testimony, Senator Carper asks Mr. Bernanke about the modernization of the FHA mortgage program. FHA mortgage programs have lost ground to more “adaptive” mortgage programs in the last few years. So much so, they have nearly fallen into obscurity. I wrote an article about a month ago if you’d like a refresher on the FHA home mortgage demise.

So on Mad Money last week Jim Cramer, the self-appointed genius stock picker, lost out to Yours Truly when it comes to shorting the home builders. Earnings are coming out this week on a number of home builders and I’ll be proven right again.

Originally I wrote an article on 2/22/07 on my ActiveRain blog entitle, “KB Homes Hemorrhaging Money…$50 Million in the Last Quarter!”, proclaiming the writing was on the wall for KB Home after losing $50 Million in one quarter. I was also concerned about other home builders like Toll Brothers, Beazer, Lennar, and DR Horton who had all seen a tremendous spike in cancelled contracts the previous fall.

I notice a disturbing trend in the media and on TV in general. I first talked about this on our podcast for last week. It seems like when you hear the word “mortgage” on TV it always means something bad.

When people get taken advantage of it is by a “mortgage company”.

When you hear about the foreclosure rate, the cause is “mortgage brokers”.

Mortgage companies who advertise on radio and TV about “no closing costs” or “$395 flat fee” are simply lying.

I know for many of you hearing an untruthful advertisement is no great threat, but for the proverbial little old lady or an unsuspecting first time buyer it truly is. I think with 2 trillion dollars in adjustable loans set to adjust over the next 24 months, you got hoodwinked by false advertising more than we’d all care to admit.

Late night TV advertising designed to sell you on the foreclosure for sale investment opportunity will make you millions if you’ll only attend the “free seminar”.

Russell Whitney, CEO of Whitney Information Network, Inc. is the promoter/owner of the TeachMeForeclosure.com infomercial, “free” seminar, and website peddling this new foreclosure for sale “opportunity”.

For those of you not familiar with Russ Whitney’s reputation in the get rich quick real estate investment circuit, please pay very close attention!

Well I got an invitation to speak on a panel about blogging for mortgage and real estate professionals. Others on the panel include Todd Carpenter of REMBEX, the guys of Sellsius, and Kristal Kraft, a big Active Rain real estate blogger.

So join us at Garcia’s Mexican Restaurant (DTC at Bellevue and S. Syracuse) for a panel discussion, networking and FREE lunch (who said there was no such thing!) thanks to the folks at REMBEX for reminding us there is always an exception to every rule!