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To: Rapunzel
It's not that simple, Rapunzel.

Boston Globe..snip

Tangle of loans feeds foreclosure crisis

Borrowers can't tell where to turn for change in terms
By Robert Gavin Globe Staff / July 31, 2007

Each month, Stephen and Kim Martinelli sent their mortgage payment to Chase Home Finance, and when they fell behind, it was Chase that launched foreclosure proceedings, with an auction of their Lawrence home scheduled for later this week.

The Martinellis, squeezed by the cost of caring for a disabled son and carrying an adjustable-rate mortgage that boosted their monthly payments by $900 over the past year, pleaded with Chase for a break: for a new payment plan, a lower, more affordable rate, or a delay in the foreclosure, due to hardship.

Chase's answer: "No."

What the Martinellis did not know was that Chase was not calling the shots. Chase merely services the loan, acting as bill collector and administrator.

The mortgage was held by an unknown investor, whom Chase declined to identify and who refused to modify the terms of the Martinellis' loan.

They are among thousands of delinquent borrowers caught in the maze of modern mortgage financing as they desperately try to save their homes. Unlike in the last real estate bust, when local banks and credit unions wrote nearly 80 percent of mortgages in Massachusetts, most home loans issued today pass through a nationwide chain of brokers, lenders, service companies, Wall Street firms, and investors. That makes tracing ownership difficult, if not impossible....snip

sw

30 posted on 09/25/2008 6:27:45 PM PDT by spectre (Spectre's wife (The Gov't can't legislate happiness)
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To: spectre
Maybe it is the Chinese that will not make concessions on some of the mortgages as I think they did buy a lot of mortgage bundles back in 2006 or 2007.

Need to look that up.

I have never liked this global economy crap.

Country first, damn it

35 posted on 09/25/2008 6:38:34 PM PDT by Rapunzel (Never forget Fallujah..S. Helvenston RIP.....Sarah...Sarah...Sarah loves America)
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To: spectre
The Martinellis, squeezed by the cost of caring for a disabled son and carrying an adjustable-rate mortgage

Who in their right mind would finance a home with an adjustable rate mortage? I'm economics challenged, but even I know better than to get an adjustable rate loan. Sometimes, folks, you just have to take your lumps when you make bad decisions.

40 posted on 09/25/2008 7:01:26 PM PDT by WVNan
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