No Martha this is an opportunity — not a tragedy — for the public to deal with mortgage “servicers”

Dear God – I love this post. And just before Good Friday and Easter – Thank you. Amen!

Living Lies: “If the investment banks and the investors are not losing money arising from “nonpayments”, forbearances sand moratoriums then who is losing money?

The myth is that servicers are losing money. That isn’t true. Mr. Cooper, Ocwen et al have no liability to investors. Who does?

It turns out that the investment banks have a theoretical discretionary liability to investors that they are only honoring because they are trying to sell more certificates. They have no obligation to actually make those payments because this is an “event” (in their contract with investors) that they could declare and thus temporarily or permanently reduce or suspend payments to investors.”

One Question, Mr . Cooper – Whaddah y’all do with the $29+ Trillion in Bailout money from the Federal Reserve from 2007-2010? http://www.levyinstitute.org/pubs/wp_698.pdf

Source: No Martha this is an opportunity — not a tragedy — for the public to deal with mortgage “servicers”

How Homeowners Can Weaponize Mediation Process

LIVING LIES: “The foreclosure mill lawyer should be pressed as to the identity of his client and whether he represents, for example, US Bank, or some trust or some “certificate holders.” The lawyer can’t answer because the answer is none of the above. The lawyer represents a servicer who is receiving instructions from an investment bank. The lawyer will give an evasive answer. The homeowner should object and request the mediator note that the appearance of the Plaintiff is in question and unresolved.”

Source: How Homeowners Can Weaponize Mediation Process