Regardless of which bank “owned” the mortgage, the owners bit off more than they could chew, why do the A.G.’s think they should protect these people? All this does is encourage non-qualified buyers to apply for mortgages they cannot afford because the AG will bail them out…
Status quo seems to have led a sheltered life. Wells Fargo for example encouraged their employees to affiliate with lenders of second choice. These WF employees would contact current WF bank customers with mortgages and entice them to reapply for refinancing, run the credit scores a couple times offer a closing date with firm numbers(then would reneg on thier closing, refer it to Citibank who in turn would run it a couple times. These banks do not need an additional “get out of Jail free card” they already took a massive bailout- used those funds to recapitalize their operations while all the time foreclosing like party time.
Regardless of which bank “owned” the mortgage, the owners bit off more than they could chew, why do the A.G.’s think they should protect these people? All this does is encourage non-qualified buyers to apply for mortgages they cannot afford because the AG will bail them out…
Status quo seems to have led a sheltered life. Wells Fargo for example encouraged their employees to affiliate with lenders of second choice. These WF employees would contact current WF bank customers with mortgages and entice them to reapply for refinancing, run the credit scores a couple times offer a closing date with firm numbers(then would reneg on thier closing, refer it to Citibank who in turn would run it a couple times. These banks do not need an additional “get out of Jail free card” they already took a massive bailout- used those funds to recapitalize their operations while all the time foreclosing like party time.