Last login: Thursday, April 1, 2010
After listening to your program, I was dismayed that no one undestood what a bank does with mortgage loans. Every contributor seemed amazed that the bank would not work with them. Even your short sale experts didn't understand why they got what they did. Next time you you want to inform on this subject forget the realtors, lawyers, and negotiators. Talk to a bank. They may try to whitewash the hard truth which is coming under increasing pressure politically but they have gone through this before many times in the past. The loans are not just one department or 1 or 2 people. Past practice has taught the bank to specialize in the various steps of the loan process, closing, packaging, servicing, loss mitigation, and legal. Talking to one department doesn't mean that everyone is on board.
Look at the bigger picture next time. It may give your listeners a better understanding of why the banks do what they do.
April 1, 2010 at 5:30 p.m.
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