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Loan Brokers on 'Wolves'

April 04, 1993

The problems relating to your article ("Wolf at the Door," March 14), are all too familiar because, like the victims, I live in Los Angeles. However, many lenders of all types practice unscrupulous practices, not just loan brokers.

While the article focused on mortgage brokers or lenders who proliferate the community with "deals," there is much more to the problem than unscrupulous practices. The fact is: Our community is at prey.

There are many brokerages that serve the public well. Under your safeguarding capsule you indicated: "Do not use a loan broker." The statement itself is not good advice.

In the case of loan brokers, like most professions, there is good and there is bad. Without professional loan brokers, many clients would never know about competitive financing or something as simple as a choice, particularly since banks and savings & loans have closed in record numbers.

Again I know that a problem exists but the culprits should be specified as such because the public, not knowing any better, might assume your suggestion as the absolute truth, without understanding the complexities of the types of companies which operate legitimately.

FRED THOMAS III

Professional Realty Mortgage

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