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Loan Modification
: Mortgage Lender Implode-o-MeterLenders Balk at Buying Back $11 Billion in Bad Loans from Fannie Mae and Freddie Mac
By Implode-Explode Heavy Industries
When a homeowner breaks his or her contract by not making a mortgage payment, the lender often has a simple remedy. It takes back the house and sells it to someone else to reclaim its loan.
But what happens when lenders themselves fall back on their contractual mortgage loan obligations with federal government agencies?
Nothing, it seems, at least at this juncture.
Full post as published by Mortgage Lender Implode-o-Meter on October 02, 2010 (boomark / email).
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