I must admit it, even the best of the brokers out there are feeling the pressures of what's going on in the market, especially with the pay option arm. But here's the kicker about the whole thing, the ones that sold it right are all saying the same thing, "See, I told you so."

That's not a knock on anyone in particular, it's just something they've been speaking for a long time when referring to how to sell the POA and what type of client to sell it to.

Think about it, what's the biggest news about our industry right now? It's the sub prime market, right? What kind of product is the POA? It most certainly is NOT a sub prime product.

If you've been selling it as such, then I urge you to find out what the real story about the POA is and who the best candidates to sell it to would be. I can assure you that a borrower at a 580 score and needs 95%lvt is NOT someone who should be sold the POA.

Unfortunately, there have been brokers and LO's that haven't understood this for quite a while and therefore, put borrowers into this product that should have never even been exposed to it! But, we can't go back and relive this, so we can only learn from the past and go on.

If you're shaking your head and saying I don't know what I'm talking about, fine. That's your choice to make, but let me ask you this, if the POA was such a bad loan, why do you only hear about the sub prime market falling apart? I'm sure if you look hard enough, you may find borrower with a 750score and 75%ltv in some sort of a financial challenge, but I'll bet it isn't because he has a POA mortgage.