Relevant:
- Seven New Clients Tap IMS for Property Repair and Field Services
- Regulators Unwilling, Unable to Punish Wayward Mortgage Servicers
- Largest Lenders Control Mortgage Industry. Time to Engage Community Bankers
- HUD Agents File HAMP Apps Via Hope Now
- U.S. banks failed to follow mortgage standards: monitor
2008-09-26 — loanworkout.org
The Mortgage Servicing Industry Has Failed! It's broke and in need of immediate repair, cash and help. They know it, the banks know it, our Secretary Treasury and our government knows it. Yet, nothing is being done to fix it.
...
Every single Hope Now, FHA Secure, plan, bill and imitative has made it "only voluntary" to mortgage servicers to comply and participate in these proposed solutions to our mortgage and housing crisis. Meaning they do not have to do anything they do not want to do and all of this Hope Now talk and puffing of foreclosure prevention chests has been nothing more than botoxed lip service and media propaganda.
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Comments:
Dinochick at 01:31 2008-09-27 said:
This is really much of the problem. But, many people are walking away, some just because their "investment" isn't worth what it was. It is not just Wall Street creating the problems, but Main Street. Much of the problems were caused by all the small time operators anyway. PermalinkDinochick at 01:33 2008-09-27 said:
I forgot to add that much of the loan servicing departments are not staffed as fully as they should be, nor trained fully. It is not as profitable as the old servicing days with basis points. The costs outweigh the basis points at this stage. However, helping the borrowers, despite what many of them did to get the loans, and make them accountable is a priority. They need to have it in place IF they want to save their homes. Permalinkmichaelblomquist at 14:20 2008-09-27 said:
Hint: They are waiting for the bailouts! PermalinkDinochick at 00:13 2008-09-28 said:
They won't give away modifications that don't work... The borrowers must be analyzed for any type of forebearance. The problem is until jobs open up, especially for mortgage banking personnel, the problem is going to excelerate. I believe much of the recent upswing in foreclosures is due to mortgage personnel being laid off. I just hope none of the get rich quick people come back... Only career minded need apply. Permalinkadd a comment | go to forum thread
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