http://blogs.wsj.com/developments/2010/10/14/assigning-blame-in-foreclosure-drama-incompetence-greed/
If they don't own the loan, how on earth can they modify it?
And if all the loans were modified, who has to make up the difference in payment to the MBS investors?
One can only assume that would be the bank that sold it to them.
And that ain't gonna happen.
That's why we have Fannie and Freddie now, so the taxpayer can make up the difference for them.
And you better believe we do.
You can Thank Hank Paulson for that slick move!
That has put major stress on the banks’ back-office mortgage servicing operations, which were never designed to deal with hundreds of thousands of borrowers that need help.
The warning signs have been there all along: While they’ve been adding staff, the big banks have struggled mightily to modify loans, approve short sales, and manage foreclosures effectively.
It’s not unusual to hear about frantic borrowers
