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Tel. 508.238.0003
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Tel. 508.945.1000
Wellfleet Office:
Tel. 508.349.2200
The Mortgage Morass
Published on 11/11/08 11:00AM by Bruce A. BierhansToday, Citibank announced that it will endeavor to "modify" mortgage loans for those homeowners that are current but at risk for falling behind. The program includes subprime borrowers. Bank of America has already announced a similar program , particularly for Countrywide loans that they have purchased.
Each day, I watch with amazement the efforts that now have to be undertaken to rescue our nations economy from a combination of stupidity and greed. A financial industry creates imcomprehensible products to induce borrowers to take out mortgage loans they will not be able to pay when they are adjusted, packages these loans by the billions, sells them to investors all over the world, and the crap hits the worldwide fan when the homeowner can't pay off the loan.
Now...the homeowner is supposed to negotiate a modification with the same folks that got us into this mess in the first place. How comforting is that???
Our office has litigated subprime lending cases and are experts in the area. We have also negotiated many loan workouts. If we can help you navigate this minefield, don't hesitate to contact us.