2009-12-21 — huffingtonpost.com
``About half of all modified investor-owned mortgages, undertaken to help troubled borrowers and investors looking to cut losses, re-default within six months, according to a new quarterly report by federal bank regulators. These are loans that are sliced and diced and sold to investors in the form of securities.
That compares with a 25 percent re-default rate for modified loans held in-house at banks, according to data as of Sept. 30.''
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mtgbiz at 08:40 2009-12-23 said:
Well considering the Investors all gave bad mods in the first place with minimum savings to the client and horrible re-rates! I just don't understand why the investors didn't get it the first time! Anyone who thinks they gave a good deal was wrong. If they would have re- modified the loan in to a simple 3 yr . fix it would have gave them a chance to sustain positive cash flow, but now investors just want the house back and put back on the market! Permalinkadd a comment | go to forum thread
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