Mortgage Bankes Celebrate Victory

[Julio E. Sune Jr. (FL)]

http://ml-implode.com/staticnews/2009-05-01_Mortgagebankerscelebratevictory.html

>Prediction: they will not make one single additional cent for attempting to force insolvent borrowers to pay back all the principal on their over-valued debt.<

 

[Terrel L. Shields]

The Mortgage brokers have no dog in the cram down. They are selling this junk as brokers. Their only vision is volume and volume relates to the cost of borrowing. The cost of borrowing will have to do up if banks cannot depend upon foreclosure as leverage to get people to pay their bills.

I know one fellow who got himself in a pickle by trading properties on contract with a party now in bankrupcty (a builder). He said, "If I lose my home over ***'s stupid bankruptcy, then I am going to lock my horse in the house for 2 days just before I leave....
And knowing this guy, he will. The banks have to be able to foreclose or no one will pay for their place unless they are terribly honest. Depending upon a "man's word being his bond" is the reason contracts are written, signed, and recorded....man's word isn't real dependable anymore.