Covering mortgages must be tough for those who like to blame big banks for the global economic collapse that happened nearly a decade ago.
Recent corrections to a Bloomberg piece show that the media still holds us in the mortgage finance sector responsible to that recession that simply won’t seem to fade.
On January 18, Matthew Leising wrote this stunning headline: “Blockchain Eyed for Mortgage Bundling that caused 2008 crisis.”
It’s stunning because not only was it wrong, but it was in a reputable media content provider. How could Bloomberg not understand the causes of the recession?
The obvious answer is the apparent media bias against our industry that simply won’t seem to fade away.
Later, the headline would be changed to this: Blockchain Tested for Making Mortgage Securities Easier to Track. And most of the erroneous language was removed.
So, Bloomberg corrected its mistake, but did not acknowledge it. And just changed it as if no one would notice. Unfortunately, the nearly 200 people at the conference I attended last week noticed.
And while the original coverage is an insult to the hundreds of thousands of hardworking Americans trying to help homebuyers build families and communities, the good news is, we can take it.
But are Bloomberg's readers not deserving of an explanation? When HousingWire makes a mistake we own it, we don’t make changes without outlining the updates in the article. No such correction exists yet in the Bloomberg piece and it’s somewhat baffling.
We know mainstream media is still looking to hurt what it is we do, but the recession made us stronger and more unified than ever, despite the continued bias against us.