I have often talked about the huge number of social media “experts” that spew opinions as if they were facts, and to make matters worse, many of them know they are outright lying but they need to generate clicks to their sites to pay the rent. As much as I warn you to verify the information you see before you share it, sometimes the misinformation flows out into the social media world and then shared as if it were true. Unsuspecting people then read this information, panic, share this information into their network and so on and so on.
I say this because for some unknown reason, there are multiple posts being shared that the government has shut down FHA, VA, USDA, and other programs due to a spending freeze on grants and payments. Okay, it’s not true. Not at all, not even close, just plain NOT TRUE!
Why would anyone think that is tough to understand, but if you went to the FHA website, or the VA website, or USDA website, you would see that they make no mention of shutting down or discontinuing these programs. Certainly, they would know it if it were true! Surely it would be posted on their website if it were. However, it’s out there making the rounds, so please, if you have a client or a referral partner that brings it up, please share with them how to find official information and not get pulled in to click bait from those who like to profit from panic!
In other news, the Federal Reserve left rates unchanged as expected. We have initial and continuing claims, GDP, and pending home sales this morning; and Friday we will get PCE and personal income and spending numbers. All of which may move the markets.
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