Servicers—claiming to work on behalf of investors— often say that the “investors” won’t allow modifications. This is often contradicted by the Pooloing and Servicing Agreement, the instrument governing the securitization. It is also contradicted by this statement from the investors’ trade association.
The Association of Mortgage Investors issued a press release:
For immediate release
Tuesday, November 16, 2010
AMI Supports Long Term, Effective, Sustainable Solutions to Avert Foreclosure;
Invites Bank Servicers to Join
Washington, D.C. – As the Senate Banking Committee reviews the mortgage and foreclosure crisis, the Association of Mortgage Investors (AMI) wishes to clarify the record in response to the recent press statements regarding the housing and mortgage foreclosure crisis. The AMI believes one of the primary goals for all should be helping all willing homeowners find long-term, effective, and sustainable solutions. “No one should lose their home solely because of paperwork mishandling or lack of due process,” explained AMI Executive Director Chris Katopis.
For the complete release, please click here: AMI_press_release_11_16_2010