Spend a little time researching those four mortgages and you just might find reason to be less complacent. This is not just about people who have been foreclosed upon, it’s also about people who have been paying on a note to entities with no legal basis to receive the payments and no clear claim upon the property as collateral for the loan.
It’s a legal nightmare, fraught with corruption and fraud. But, you’re OK with that, it seems, and you’re not alone. Just why that is, I’ll never understand. There are two parties to those contracts, under terms to which both parties are legally bound.
Breaking the law and defrauding not just investors but homeowners themselves is a far more serious infraction than default, the consequences of which are clearly laid out under the terms of th contract.
Your priorities are strangely askew, here. You’ve said you have “skin in the game.” It’s clear that you do, above and beyond those four mortgages.
What we have is a failure to communicate:
And No I do not have any relationship to the mortgage industry other than being a bigger customer at this time than I’d like to be. But I have researched it and written about it for years.
I am not ok with any fraud and corruption of course, and any business as big as the mortgage business is going to have some of that. Right now the biggest problems are with over burdensome government paperwork and bureaucracy along with non paying customers.
As for your claim that “it’s also about people who have been paying on a note to entities with no legal basis to receive the payments and no clear claim upon the property as collateral for the loan” — all I can say is I am not aware of that being a widespread issue - and if it is — that is out and out fraud or identity theft of some description and not directly related to sub prime borrowing and the derivatives that resulted therefrom.
I would love to see a link to more info on that, and I’m not being catty. I really would I will still write about this.