J G Shrugged
Austin,#2Consumer Suggestion
Mon, February 23, 2009
If not, I'm not sure where you think that they intentionally wanted you to get a loan so they could foreclose and make money. They're losing money. The real "crime" occured from the people who made money upfront when you signed on the loan. The current problems are mostly because the servicer usually never actually owns the loan, but rather the loan is owned as part of a securitized investment, so there is no one "person" who can agree to a change in the terms of the loan. They agreed to loan money because they could make more money in the future. It's the same as going to work for 2 years and then your boss stating that you have to accept less money now because you agreed to work at market rates...would you like that? Contact the FHA and see what they know about the new govt loan system.
J G Shrugged
Austin,#3Consumer Suggestion
Mon, February 23, 2009
If not, I'm not sure where you think that they intentionally wanted you to get a loan so they could foreclose and make money. They're losing money. The real "crime" occured from the people who made money upfront when you signed on the loan. The current problems are mostly because the servicer usually never actually owns the loan, but rather the loan is owned as part of a securitized investment, so there is no one "person" who can agree to a change in the terms of the loan. They agreed to loan money because they could make more money in the future. It's the same as going to work for 2 years and then your boss stating that you have to accept less money now because you agreed to work at market rates...would you like that? Contact the FHA and see what they know about the new govt loan system.