A huge part of the problem (IMO) is that the mortgage brokers could care less about the actual loan performance. They are basically salesmen and are being paid commission on new loans. The subsequent, actual performance of the loan typically has no impact on their financial compensation. They are wholly motivated to sell as many mortgages as they can, regardless of what will eventually happen to them.Here is Y we are having this problem....
Yesterday I was talking to a banker about my mortgage here in MN, and seeing what I could do about an offer on the one in SC....I about fell out of my chair when he said
" I'll get u into the house in SC and if you don't like what the Relocation company offers u for the House in MN, try renting or just let the house in MN foreclose" I looked at him and said I have worked my ass off and have outstanding credit, pay ALL my bills, and 2 ex's and there fricking lawyers, and he says Just let it foreclose.....Needless to say I'm not using his bank......OMFG I was pissed
Utter. Lack. Of. Accountability...
Now that's just not very Christmasy... :grin:...and there fricking lawyers...