B of A Parallel Foreclosure CONFESSION

Wednesday, December 15, 2010

Shocking Graph from December 2007 shows Refinancing Predatory Subprime Loans LAST on list for California Banks and Mortgage Servicers,

CLICK ON IMAGE TO ENLARGE.
Graph Above indicates Borrower outcomes: % of Counselors Reporting Frequency of Various Loss Mitigation Outcomes: California, December, 2007.

PLEASE NOTE THE TALL BLUE BAR GRAPH ARE THE 72% WHO WERE FORECLOSED UPON, THE TALL YELLOW BAR GRAPH ON THE OPPOSITE SIDE ARE THE 81% WHO DID NOT GET A REFI.


You can read the above testimony by Kevin Stein, Associate Director California Reinvestment Coalition, as heard on the floor of the House of Representatives sub committee on housing and community opportunity, by clicking here.

The graph above shows a shocking inability to refi a borrowers subprime loan. If a mortgage loan is so bad that it cannot be refi'd, and is therefore much more likely to be foreclosed upon, someone has done something of questionable perpitude.

Since it was known THREE YEARS AGO that subprime loans were for the most part not going to be re-financed, the rush and desire for parallel foreclosure on homeowners looking for a mortgage break can be explained, but the predetermined desire for parallel foreclosure cannot be justified!

1 comment:

  1. Thanks for your great article! It has been very insightful. I hope that you will continue sharing your knowledge with us.

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    ReplyDelete

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