Quote:
Originally Posted by patnj  They seem to be only putting bandaids on these bad mortgages and most people will be back in trouble after the introductory rates expire....not sure what they are thinking. |
This is what I
think they are thinking...
They handed out these bad loans knowing that one day, we would not be able to afford them, but the real estate market was booming so they assumed that once they sucked us financially dry, then kicked us to the curb, they would be able to sell the home and still make a profit. Well, since the market crashed, they're stuck with all these vacant homes. They've realized that this is not profitable. Now, they are trying to disguise their ulterior motives by offering "loan modifications". Of course these modifications are only temporary fixes. They want us to keep paying as much as we can so they don't lose anymore. When you hear these
CW reps say over the phone, "
But Mr./Ms.. Smith, this modification could be a big help to you. You don't know what could happen in the next five years." Trust me, they are not hoping for us to win the lottery or come into a windfall of money. They are hoping that the market turns and when we can't make the payments again, they will be able to toss us into the streets and start fresh with a new sucker! They are only worried about their money...not us! That's what I think!
