Susan Boyle, the singing sensation from Britain’s You’ve Got Talent has received so much press in the past few days that you have to feel badly for her. The unfortunate thing is that each interviewer from Diane Sawyer to the heads on CNN are almost making fun of her instead of complimenting her. Each interviewer begins the conversation with reminding this beautiful woman that Simon and his audience laughed at her, heckled her and likened her to a joke when she walked out on stage. Then when she opened her mouth, the audience gave her a standing ovation and Simon revealed a very white toothy grin of amazement.

If she was some slinky blonde crawling out there in a mini skirt, she would have been welcomed with opened arms. Instead, this “Plain Jane” was laughed at-until she opened her mouth. Was she beautiful then? Perhaps Matt and Meredith should compliment her singing voice instead of asking Susan Boyle if she was going to take advantage of the free makeover!  Geez, are we so superficial?

Here is where I must compare this to all of the 30 year fixed mortgages out there! 

When I was putting my clients into safe 30 year fixed mortgages at rates of 5.5% to 6.5%, it was because although boring, they were safe.  They were satisfied with having Plain Jane mortgages and were proud. Then they would go to a cocktail party and their friends would gloat about their interest-only loans, their option arms at 1% rates and other fancy loans that looked so beautiful to the crowd. Now, as the market collapses (yes, it is still in shambles) around us, the 30 year fixed loans are looking more beautiful, aren’t they?

The brilliant and cocky holders of the adjustable rate mortgages cannot get rid of them now…..but when my clients call to refinance their boring 30 year fixed mortgages, there is no need.  Keep it; your rate is great- no need to spend the money to refinance, I tell them. When the folks with option arm loans call to refi, I say, gee I would love to give you a new loan, but you owe more than your house is worth and we cannot do it. (sometimes I secretly snicker)

So, when Diane Sawyer asked Susan what she would love to say to all the people that teased her in grade school now……what do you think the 30 year fixed mortgages would like to say to the option arms now?

So, Susan, you are as beautiful to me as the 30 year fixed mortgages that my clients are sporting now. I say F- them all.

Have a great weekend!

Dale Siegel