Re: More news on loan mods
Posted by steele in minnesota on January 05, 2009 at 08:08:03:
In Reply to: Re: More news on loan mods posted by cmc on January 05, 2009 at 07:27:05:
The link worked just fine. Thank you.
Somewhat of a "classic" story of alleged fraud leading to foreclosure. The kind that journalists are most likely to write today. Afterall, "if it bleeds, it leads".
We hear about the consumer and we hear about the bad mortgage company that got him/her the loan. But not alot is said about the purchaser of these mortgages who was ultimately ripped off. Who gave the money to both this consumer and indirectly to the mortgage broker.
In this case it seems fraud was prevalent all around including with the consumer. No job and on welfare and qualified for a $103,000 mortgage? I think she knew it was too good to be true.
I see foreclosure situations every day. There are as many reasons for the foreclosures as there are foreclosures. That is why it is hard for me to look at any one factor as causing the current situation.
A major factor to come back to when looking at loan mods is whether the consumer can afford it and be successful paying on a long term basis.
It might seem harsh but some should not be homeowners. Unless all of us want to pay the bill.
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