Interesting post By Moe over at loanworkout.org regarding whether or not lenders should be involved in the process of cleaning up the mortgage mess.
Excerpt from Moe's post:
This has been bugging me for quite sometime now and I thought I would dedicate a blog post to voice how sickened I am by the fact that the very companies and people who have single handedly created this housing bubble and mortgage crisis are involved in the clean up process.
All these forums and seminars that are put on by local and state governments and are hosted by eager lenders and their representatives who now “help” struggling borrowers with the “very” toxic mortgage they sold them.
Now, I will say that I appreciate what loanworkout.org has set out to do - help the struggling homeowner. They do great things no doubt. The concept of 3rd party cleanup is interesting but I think it's quite unrealistic. Who's gonna do it? It really couldn't be an industry outsider? This all seems to be some more broker bashing. Brokers originated 58% of mortgage loans in 2006. Not sure how that equates to anywhere near the amount of finger-pointing they get. There's more to this picture than originators a lot more. This mess starts with securitization!
No comments:
Post a Comment