Thursday, July 30, 2009

Your Bank May Be Helping You To Lose Your Home!

It has been widely reported that the mortgage crisis disproportionately affects minorities. So we shouldn’t be surprised that loan servicing companies are profiteering rather than providing customer service to minority borrowers. “Mortgage companies, some of which are affiliated with the nation’s largest banks, are paid to manage pools of loans owned by investors. The companies typically collect a percentage of the value of the loans they service. They extract their share regardless of whether borrowers are current on their payments. Indeed, their percentage often increases on delinquent loans.”
Lucrative Fees May Deter Efforts to Alter Loans

No comments:

Post a Comment