Random Feed wrote an interesting post today on
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by Xandra Torres Is this MORTGE MELT DOWN affecting YOU, your FAMILY, your FRIENDS, your STREET or your TOWN? When you call your BANK and ask for HELP who’s best interest do you think they have yours or theirs? Mortgage lenders don’t try to rework most home loans in foreclosure because it would possibly mean losing money, a study released yesterday by the Federal Reserve Bank of Boston concludes. The Boston Fed’s findings suggest the Obama administration’s major effort to resolve the forecl

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Random Feed wrote an interesting post today on
Here’s a quick excerpt
A study by the Boston Fed came to the credulity-straining conclusion that securitization was not a culprit in the noteworthy dearth of loan mods on residential mortgages, Lew Ranieri remarked back in 2008 at the Milken Conference that he was appalled by what was going on, that servicers used to do mods (as in no one worried about offending the tender sensibilities of investors in the pools), I have heard similar things from old real estate hands, that in the stone ages when banks owned paper,

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Random Feed wrote an interesting post today on
Here’s a quick excerpt
If you’ve read it once, you’ve read it a thousand times. It’s the meme that it’s in the best interest of banks to modify loans and reduce principal since they will lose as much or more through the foreclosure process. Well, some fellows from the Boston Fed decided to see if that was indeed true, and guess what, it’s not the way the real world works.Their study covers a lot of loans (60% of the mortgages originated between 2005 and 2007) and presents some conclusions that are not going to make an

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