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 - 50 Tips for Ford N Owners - by Bruce Haynes. Over the years of owning these three tractors, I have managed to refresh what little mechanical knowledge I had and add a little more, thanks to the wisdom and helpfulness of many fellow N owners. So, now it's my turn to share a few of the tips I've picked up.
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