2008-11-01 — blogspot.com
"I'm going to go out on a limb here and suggest that the FDIC's plan for modifying IndyMac loans is, overall, a great thing. I am glad it is happening and I truly look forward to snickering over the results."
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Comments:
mortgagemess at 07:26 2008-11-02 said:
What I love is the fact that a huge amount of these loan mods, not just indymac, are being done for "investment" properties and not homeowner properties...again the system is screwed up PermalinkSteveP at 09:17 2008-11-02 said:
Because Indymac had a bimbo with no mortgage origination experience running operations, Indymac essentially did not have an effective underwriting process in place. Eventually, huge numbers of slimy loan brokers and criminal property flippers discovered Indymac's lack of effective underwriting and began steering all their unqualified borrowers and fraud transactions to them. Accordingly, the vast majority of Indymac problem loans are either not going to qualify for any modification or their borrowers have no intention of making any payments, modified or otherwise as they already got what they wanted out of the transaction when IndyMac funded those 200% to 1000% LTV mortgages, many of which were secured by abandoned homes located in America's worse ghettos. Permalinkadd a comment | go to forum thread
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