[The Professor]

In defense of those who level criticism, I'm getting a little cranky at those who blame the owners of their loans for not being cooperative in terms of not bending over backwards to achieve successful modifications. This is in part because I understand how the secondary market works (with a full understanding of Article 6 of the Uniform Commercial Code).

Let me lay it on the line with a short commentary. The party that owns most of your loans is not the party who made you the loan. They bought your loan in an arms length transaction where they paid for it, expecting you to fully perform on your obligation. They are what the UCC calls a "holder in due course." They are the "good guy" in all of this, allowing your original lender to continue to loan money out to other borrowers, thus allowing your community to prosper and grow. If you have a beef, then that beef is with your original lender, and not the entity currently owning the note that contains your written promise to make payments.

Try as you might, logic doesn't provide much of a basis for concluding the current owner of your note is the bad guy in all of this. For all we know, that current owner might be a pension plan that isn't going to be able to meet its payment obligations to retirees because borrowers fail to meet their repayment promises.

That is my $0.02 worth tonight. Sorry if I offended anyone.

Daniel