Married Man on 14Feb2010
Join Date: Jul 2001
Location: Fort Worth, Texas (North Side)
Home loan modifications were a good idea
Untill the investors got the shaft. Turns out they are not going along with the mortgage modifications and want their money back.
A group of bond investors sued Bank of America owned Countrywide Financial on Monday demanding that Countrywide buy every mortgage loan for which it agrees to reduce payments under a predatory lending settlement deal.
The complaint said Countrywide does not plan to bear the $8.4 billion cost of the loan modification but to shift that cost to 374 trusts into which its loans were securitized, harming bond investors.