Drift,
No, this is more than just ARMs... this is overly loose lending practices... not just ARMS resetting, trust me that’s MSM drive by laziness, not reality.
As to having the money to initiate your loan last week, AMH or whoever it was was originating loans no problem until less than a week before they declared.
If Countrywide (or any large mortgage lender) can’t sell its paper to boost its cash on hand, they cashflow crunch quickly.
“As to having the money to initiate your loan last week, AMH or whoever it was was originating loans no problem until less than a week before they declared.”
Guess who Countrywide bought my loan from?
“If Countrywide (or any large mortgage lender) can’t sell its paper to boost its cash on hand, they cashflow crunch quickly.”
Does that mean I won’t have to pay my mortgage? /sarc
I’m just not a sky is falling kinda guy. These folks make money with the market goes up and they make money when it goes down. Its all a shell game.