No doubt this sucks. Criminals pal criminals.
1. Over 98,000 “bad” mortgages have been sold to investors through a government program since 2010.
2. The Department of Housing and Urban Development (HUD) sells mortgages to investors at a steep discount — at times as little as 41 percent of the mortgages’ collective value.
3. Homeowners typically aren’t informed when their mortgages are sold. This prevents them from advocating for better terms, which they’re entitled to under Federal Housing Administration protection.
4. Wall Street investors pay only two-thirds* of the full mortgage value when they buy mortgages from the government (*median price).
5. Homeowners aren’t so lucky: they must pay about 124 percent* of the property value to keep their homes(*median price).