And the dead beat folks that stole the money for the house they couldn’t pay for were innocent as lambs.
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testy testy ... you’re almost as ill informed on economics as Rush Limbaugh ... AIG doesn’t/didn’t issue PMI ... in almost every instance the SERVICER was required in the PSA to make payments on behalf of the borrower for (usually 6 months) if the borrower didn’t make payments ...
It’s the banks that are the deadbeats that want a “free house” that they have NO REAL INTEREST IN ,, never had an interest in as they table funded and pre-sold ,, just collected fee income ... they were more-or-less just another (undisclosed) broker collecting a BIG slice ... wake up and smell the fraud.
The only thing hurt the banks right now is the lost of income from managing these mortgages. The banks were long ago paid for these loans and never lost a penny on them despite all their crying as they sold the mortgages off the investors or the government after making a healthy market. In fact in most cases not one penny of the banks money was ever involved in the transaction as the mortgages were bundled and sold long before the loan was even made.
Now the trouble is as many on here have been warning that no one knows who actually owns the mortgages. The servicers aren’t even sure any more and as they don’t want to be out money for up keep on homes that they aren’t sure who to go to to get their money back they have stopped keeping up the foreclosed and abandoned properties. We have a few ring here in my subdivisions at lest two had pipes burst and ruined the house to a point where the city has issued no occupancy notices and the HOA is getting one hell of a run around on who owes the yearly fees and are at a point of having to place liens on a number of properties.
And it just isn’t here here a story from Florida on the same thing:
Now It’s the Big Banks That Are Getting Foreclosed On
http://www.cnbc.com/id/48259827
Face it the mortgage industry has twisted and broken long standing real estate law to the point it will take years to straighten out and many honest home owners who pay off their mortgage will have to spend thousands of dollars to uncloud titles for YEARS.