Monday, January 12, 2009

Fascinating take on why defaulting homeowners don't really OWE the money on their mortgage.

I found this very interesting writing out in the blogosphere. It is written by an attorney who has several good points about mortgages and who truly owes who.

His contention is that you don't owe your mortgage. Basically, the entity who gave you the loan was paid back when they sold it to a servicer and that servicer was paid back when they sold it to a mortgage backed securities pool. That pool of MBS's was paid back for their losses from the federal government bailout and all of our tax dollars. That debt has been paid. These lenders who are foreclosing are essentially being paid twice for the original mortgage money they lent out. They are a crafty bunch and they've already gotten us to this point, why should we let them go further?

No comments: