[quote=davelj]Also, remember that most of these mortgages are ultimately held by securitization trusts (MBS) … So, servicers are losing their asses.[/quote]
Thanks for your patience on this and explaining again. I admit I haven’t followed this topic well in the past.
So, let me get this straight. Lets say I own an MBS with 100 mortgages in it. I own it. I get money from the payments, but I lose a fee to the servicer who processes the checks, sends out payment coupons to the borrower, etc.
Don’t I as the owner make the decision to foreclose?
Doesn’t the servicer have to live up to some quality standard of how quickly they process foreclosures ?
