Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette
ysabetwordsmith
  • Mood: tired

Doing Business Together

I think one thing that has really messed up the economy is this nonsense of changing who a person is doing business with, without their knowledge and consent. I don't think a bank should be allowed to "sell" someone's loan to a company that person might not want to do business with. When people actually know each other, can meet over a desk, and live in the same area, they are more likely to behave decently. Chopping up the market like this just creates trouble.

Goldman Takes On New Role: Taking Away People's Homes
Greg Gordon, McClatchy Newspapers: "When California wildfires ruined their jewelry business, Tony Becker and his wife fell months behind on their mortgage payments and experienced firsthand the perils of subprime mortgages. The couple wound up in a desperate, six-year fight to keep their modest, 1,500-square-foot San Jose home, a struggle that pushed them into bankruptcy. The lender with whom they sparred, however, wasn't the one that had written their loans. It was an obscure subsidiary of Wall Street colossus Goldman Sachs Group."
Tags: economics, news
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  • 3 comments
bodhifox

bodhifox

November 3 2009, 06:24:29 UTC 11 years ago Edited:  November 3 2009, 06:26:01 UTC

The right for them to do so is written into your mortgages. There's more institutions than you know who have the instruments sold before they're signed. It used to be that the transfers would be of record in the county where you live, so you could track them yourself, until this came along: http://www.mersinc.org/

Though you could click on the MERS for homeowners link. If you know about it...

I've done title work since 1993, and I'm freelancing in it again. It's all a mess.

wyld_dandelyon

wyld_dandelyon

November 3 2009, 06:42:36 UTC 11 years ago

Yeah.
rowangolightly

rowangolightly

November 3 2009, 16:31:40 UTC 11 years ago

It's been happening for years. The first house I bought, back in '83 had a mortgage rate of 4.6...simply unheard of in that day. Unbeknownst to me, they sold my mortgage to another company, which immediately tried to raise the rater to 12.something. They were holding my payments, trying to make me default on the loan. It took a firm letter from a lawyer friend, pointing out how much he'd love to take that case on in court, to get them to act properly. But my rate was still 12%.

But yeah, it's legal and has been for years, as she said, written into the contract you sign. And if you don't sign it, of course, you don't get the house. It's a racket.