by Moe Bedard
Wells Fargo CEO Stumpf worries that economy could cancel out his efforts to revive Wachovia and deal with toxic loans.
He should be worried and the investors that own these loans should be more than worried. They should be in court suing Stumpf and these idiots for incompetent mortgage servicing practices. I have been writing about this [...]
Read the full article →
by Moe Bedard
Mortgage servicing is at the heart of the foreclosure crisis. Few people understand the role that servicers play as opposed to the institutions that provide loans (banks and lenders). When critical aspects of problems are not well understood the probability that problems will linger on increases exponentially.
Servicers do not merely accept payments from borrowers, they also play a major role in deciding when to foreclose on homes. As intermediaries between the borrower and the institutions that lend money, servicers clearly play a critical role in the solution to the ongoing crisis.
Read the full article →
