2009-09-29 — ml-implode.com
I didn't want to ever have to write that headline. Like so many millions of Americans, I voted for Barack Obama and truth be told there was one big reason. No, not Sarah Palin. And not because he was the anti-Bush. I voted for Barack Obama for a reason that didn't show up in the polls: the housing foreclosure crisis; he would do something to stop it.
I know now that I'm far from being alone in this. And I know why it didn't show up in the polls, after all, during all that joy that was present during the month leading up to the...
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MFI-Miami at 20:28 2009-09-30 said:
Martin, The problem is not the Treasury Department. The problem is Congress. The Banking Industry has them bought and paid for. Banks in most cases don't want to modify loans or the few that do, want to do it on their terms. This led people into the hands of mod companies. Of which, 99% are either incompetent or are just scams by former brokers who never should have never been brokers in the first place. Is there a place for legitimate mod companies? Yes. Unfortunately, they're getting lumped in with the bad companies because when it came time to step up to the plate and say, "We're not like this!" they didn't. The other problem is the servicers don't have the final say on a mod. The trustee for the MBS the note is in does. The reason mods take a long time is because the servicer may not know who the real note holder is or can't find it. Permalinkadd a comment | go to forum thread
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