as far as loans are concerned.. i'm always above board with my clients (intent can co-sign on this as he was one of them) i will go to bat and put you in the best program possible..
I think that ARMS are effective in some circumstances.. ie a law student that wants to purchase an inexpensive home that relies on his/her summer associate position and/or student loans to pay the mortgage (which is comparable to the price of rent in their respective cities) as soon as the client graduates from law school they can refinance and get into a fixed rate mortgage.. to me it makes perfect sense..
I started out in an ARM for one of my properties as well because I didn't have any credit cards/loans on my report so I needed to establish some things before I could qualify as prime.. as soon as that day came I moved into a fixed rate mortgage @ 5.7% with roughly 30k of equity in my house..
on the flip side I'd never put a person that couldn't afford a home in a home.. nor do I regularly put my clients in ARMS..
if someone graduated from undergrad with a 2.3 GPA in general studies and has a 148 LSAT and I know them well enough to give advice.. I'd suggest some alternative careers...
Of course you are above-board! I didn't mean to suggest otherwise. I just think a lot of agents aren't and fool people who have trouble understanding finances (including some very smart people like our own MoBell, avowedly, anyway) into loans that are way over their head. And it's wrong.
And while I don't think the LSAT is the be all and end all of anything (my own mediocrity being living proof), I agree that some people shouldn't go to law school, or face a lot of risk if they do. Since the schools are in a position to benefit from that risktaking, conscience demands that they do better job of letting people know what the odds are.