Thanks for the contribution.
Yes, the math does not make sense especially when they are losing big time. As I predicted, there will be mass loan modifications offered to people when they (the lenders) stand to lose by foreclosing over he next few years or until they figure this mortgage mess out.
Quote:
Originally Posted by Buckheadboy  I found this quote from the May 9, 2007 edition of the San Diego Union-Tribune daily newspaper in an article on how mortgage companies are trying now to help people save their homes.
"We would much rather work with a borrower than go through the foreclosure process," said Steve Bailey, Countrywide's senior managing director of loan administration. "We lose money on a foreclosure, the borrower is out of their home, and nobody is happy. The math works against us." |