2008-03-06 — loanworkout.org
I think what the Fed forgot to mention was the fact that 80-90% of these mortgages are sliced and diced and are held by a multitude of investors. Servicers do not have the authority to start writing down these loans as he advises. It would result in massive investor lawsuits.
Any advice for that little problem Ben?
In fact the exodus of homeowners has already started and it is evident in the amount of homeowners that do not even bother dealing with their lenders or servicers. I don’t think it’s because they are scared. They are just fed up. So, they quietly pack their belongings in the silent of the night, close the foreclosure door and move on to a less stressful and less indebted life.
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