Almost all mortgages there days (including ARMs) are grouped together and sold to the financial community as securitized instruments. What this means is that whoever made the original loan does nothing but collect the payment and pass it along. They made their profit when they sold thr mortgages, they have nothing at risk now.
Some financial wizards have chopped the instruments up and then recombined them so many times ( making a profit each time) that it is like trying to find a particular pig in a truck load of sausage. Nobody really knows which mortgage belongs to which instrument. And the owners are all over the world.
Consequently, negotiations to lower interest rates amd avoiding foreclosure will be impossible in many cases.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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