Wow- Subprime Brokers Resurface as Dubious Loan Fixers!
Let me guess, the argument for this indecent behavior is that because they helped screw Americans over, subprime brokers are the only ones who (given the informational advantage) can help American’s fix their loans. Astonishing… I guess even the subprime market is adapting.
This article is a must read for astute citizens!!
(P.S. This article is free, if you find yourself having to create an account for access, just paste the title of the article into Google Search and click on the NYT link for free access. This little trick works all the time!)
Click Here To Learn How Subprime Brokers Resurface as Dubious Loan Fixers!
Introduction (Via NYT)
By Mr. Soussana’s own account, his customers fared less happily. He specialized in the exotic mortgages that have proved most prone to sliding into foreclosure, leaving many now scrambling to save their homes.
Yet the dangers assailing Mr. Soussana’s clients have yielded fresh business for him: Late last year, he and his team — ensconced in the same office where they used to broker mortgages — began working for a loan modification company. For fees reaching $3,495, with most of the money collected upfront, they promised to negotiate with lenders to lower payments on the now-delinquent mortgages they and their counterparts had sprinkled liberally across Southern California.
Additional Excerpts (Via NYT)
“We just changed the script and changed the product we were selling,” said Mr. Soussana, who ran the Los Angeles sales office of Federal Loan Modification Law Center. The new script: You got a raw deal, and “Now, we’re able to help you out because we understand your lender.”
“We just changed the script and changed the product we were selling,” said Mr. Soussana, who ran the Los Angeles sales office of Federal Loan Modification Law Center. The new script: You got a raw deal, and “Now, we’re able to help you out because we understand your lender.”
Despite making promises of relief to homeowners desperate to keep their homes, FedMod and other profit making loan modification firms often fail to deliver, according to a New York Times investigation based on interviews with scores of former employees and customers, more than 650 complaints filed with the Better Business Bureau, and documents filed by the Federal Trade Commission in a lawsuit against the company.
Click Here To Learn How Subprime Brokers Resurface as Dubious Loan Fixers!
