“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. [/quote]
“Their homes”? THEIR homes?! That is rich. These are not THEIR homes – they’re the LENDERS’ homes! A home becomes YOUR home after you’ve paid off the mortgage. Until then, the lender is the senior partner in the arrangement and gets to choose what happens when you break the contract and stop paying. And this clown is on the Senate Banking Committee… no wonder we’re in such deep shit.
Now clearly the servicers haven’t handled this process well at all. And they deserve to lose their asses. But please. THEIR homes? That makes me ill.[/quote]
If you stretch that a bit, US isn’t our nation but other nationss that hold our debt… Just saying…[/quote]
That is incorrect. US Government Bills, Notes and Bonds are unsecured (aside from the “full faith and credit” of the US Government – which is not tangible). A mortgage is a secured debt collateralized by a tangible asset (property).
I would refer to the nations that hold our debt as subordinated stakeholders. But not owners.
