Why Servicers Foreclose When They Should Modify

The National Consumer Law Center put out this little guidebook about servicer incentives and counter-incentives.  It doesn’t tell the whole story about the profits that were made in the initial securitization (the hidden second gargantuan undisclosed yield spread premium) but it does talk about the counter-incentives to modification of struggling loans TODAY.  Of course, it all boils down to the cold hard.

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