Mortgage Renegotiation

xoxoxoBruce · 03-18-2009, 11:16 AM

My mortgage was sold to a different lender a half dozen times. But not being bundled into a package, each buyer had to look at it by itself, and judge it's merit as an investment for them. When they are bundled, the buyer is buying a surprise package.

Beestie · 03-19-2009, 07:12 PM

Quote:

Originally Posted by xoxoxoBruce

My mortgage was sold to a different lender a half dozen times. But not being bundled into a package, each buyer had to look at it by itself, and judge it's merit as an investment for them. When they are bundled, the buyer is buying a surprise package.

Your loan was sold once - maybe twice. What was sold over and over was the servicing rights - collecting the payments.

Unless your loan was one of the few that don't get carved up, it was put into a pool of other similar loans, and the combined payments from you and your pool-mates are split up into all sorts of interesting structures. However, as complicated as the structures are, all the payments to all the structures have to equal all the payments by all the borrowers for any given month. And that can get incredibly complicated.

sugarpop · 03-19-2009, 08:56 PM

Quote:

Originally Posted by Beestie

Your loan was sold once - maybe twice. What was sold over and over was the servicing rights - collecting the payments.

Unless your loan was one of the few that don't get carved up, it was put into a pool of other similar loans, and the combined payments from you and your pool-mates are split up into all sorts of interesting structures. However, as complicated as the structures are, all the payments to all the structures have to equal all the payments by all the borrowers for any given month. And that can get incredibly complicated.

hmmm. Maybe when I used the "traded" it was wrong, but from this description, can you understand how I made that mistake? What do you mean by "carved up" and"interesting structures?" I am trying to understand this. Thanks!

Beestie · 03-20-2009, 02:23 PM

Quote:

Originally Posted by sugarpop

hmmm. Maybe when I used the "traded" it was wrong, but from this description, can you understand how I made that mistake? What do you mean by "carved up" and"interesting structures?" I am trying to understand this. Thanks!

CMO
REMIC
MBS
CDO

Quiz on Monday.

classicman · 03-22-2009, 11:06 AM

Quote:

Originally Posted by Beestie

CMO
REMIC
MBS
CDO

Quiz on Monday.

:Headspinning:

xoxoxoBruce · 03-20-2009, 01:36 AM

Quote:

Originally Posted by Beestie

Your loan was sold once - maybe twice. What was sold over and over was the servicing rights - collecting the payments.

Unless your loan was one of the few that don't get carved up, it was put into a pool of other similar loans, and the combined payments from you and your pool-mates are split up into all sorts of interesting structures. However, as complicated as the structures are, all the payments to all the structures have to equal all the payments by all the borrowers for any given month. And that can get incredibly complicated.

Damifino? Several times I got notices from different places saying they now held my mortgage. It was a pain in the ass because they would invariably say the last guy wasn't collecting enough escrow.

But then the letters would start, do you know you live on a 100 year flood plain? Who wrote the flood insurance policy? Who wrote the homeowners policy? Why doesn't your mailing address match the deed address? Blah, blah, blah, every damn time. I was glad to be done with it.

Beestie · 03-20-2009, 02:44 AM

Definitely servicers. Not a very sophisticated lot.

Years ago I used to be the guy at Fannie Mae all the servicers would send the monthly servicing data and payment to for loans Fannie Mae actually bought and held onto (as opposed to securitizing). I was responsible for validating the data and the payment before uploading it to to make sure everything checked out. It usually did except for one servicer. Their data was always full of errors and the payment was always wrong. Serious errors. After months and months of looking at their servicing data and seeing things that I could not believe I was seeing, I told Fannie that the servicer was basically making shit up.

The year? 2003. The servicer? Countrywide.

Nobody listened.

xoxoxoBruce · 03-21-2009, 05:45 PM

Quote:

Originally Posted by Beestie

The year? 2003. The servicer? Countrywide.

Nobody listened.

You mean this whole financial debacle is your fault because you didn't go on 60 minutes?

03-18-2009, 11:16 AM	#1
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	My mortgage was sold to a different lender a half dozen times. But not being bundled into a package, each buyer had to look at it by itself, and judge it's merit as an investment for them. When they are bundled, the buyer is buying a surprise package. __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.

03-20-2009, 02:44 AM	#7
Beestie -◊\|≡·∙■·∙≡\|◊- Join Date: Feb 2003 Location: Parts unknown. Posts: 4,081	Definitely servicers. Not a very sophisticated lot. Years ago I used to be the guy at Fannie Mae all the servicers would send the monthly servicing data and payment to for loans Fannie Mae actually bought and held onto (as opposed to securitizing). I was responsible for validating the data and the payment before uploading it to to make sure everything checked out. It usually did except for one servicer. Their data was always full of errors and the payment was always wrong. Serious errors. After months and months of looking at their servicing data and seeing things that I could not believe I was seeing, I told Fannie that the servicer was basically making shit up. The year? 2003. The servicer? Countrywide. Nobody listened. __________________ ♠ ♥ ♣ ♦

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)