Refinance at 1.25% a disaster in disguise

A classic tale of bait-and-switch

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

I seldom publish long letters in their entirety, but I'm making an exception in this column. The letter below is so wonderfully descriptive of the gullible mindset of a victim waiting to be plucked, and the modus operandi of a predator poised to do the plucking, that it is worth the space. "I received a letter that told me I may qualify for a 1.25 percent home loan. I was skeptical, but I called the number on the letter anyway. The lady who answered said it was a special program offered by their bank that allowed qualified people to obtain a home loan with only 1.25 percent interest. She said that she could run my info through their database to see if I qualified for a processing fee of $49.99. I agreed and gave her my credit card information. Later that night, a man called from the same bank and told me that I did qualify and he asked me if I wanted to go through with it. He said that he would kick back $800 of the banker's fee to me if I made my decision at that time so that he coul...