Tuesday, March 8, 2011

Mortgage Industry To Face Massive Changes Under Regulators' Plan; Homeowners, Investors Better Protected

Great article by Shahien Nasiripour.  Want to know why getting a loan mod is so difficult? This tidbit from the article is the answer:

Instead of an industry geared towards maximizing the value of a mortgage -- like modifying a home loan so investors lose $0.20 on the dollar rather than the $0.50 they'd lose if it was repossessed -- servicers are instead forcing through foreclosures, racking up fees through prolonged foreclosure proceedings, and effectively disregarding the rights of investors and borrowers in pursuit of their own profit.

Read the whole article  HERE

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