Why modifications are not happening!
Many of you know I have been tracking the 50 State Attorneys General investigation into foreclosure fraud. There has been a settlement floated that you may have read about in the news. I think this settlement will take a long, long time, if it ever occurs.
As I track this, I ran across an interview of Yves Smith by the Canadian Business News Network. Yves has been involved in this mortgage mess from the beginning. I am sending out this link because so many of you, with your infinite common sense, have been perplexed as to WHY modifications are NOT happening. Yves describes it very well. Enjoy this 10 minute video that will make it much more clear for you and your clients . Remember, you have to distinguish between the banks, lenders and servicers. It is KEY to understand the differences. Yves explains it well.