Stay updated with breaking news from Servicers. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
All right. the word of the day is obfuscate, the president getting a little laugh from his audience as he talks about initiatives he is putting in place to give more americans access to a program that lets them cap their payment at 10% of their income, saying he would like to renegotiate with the servicers of some student loans like sallie mae to get more flexibility, saying he s going to work with businesses, he s going to work with student associations, teacher associations and even turbo tax and tumbler, another reference that got a chuckle out of the audience and then the president going off the prepared text and say you d think ....
Important thing. there s so much litigation in this universe. it can get confusing. who s suing who, who settled with who? the key thing to understand is there was a period of time when there was just a massive amount of foreclosures in this country that were just, like, working their way through the system. i think of it like the snake eating, like, eating the pig. right and you see the shape of the pig inside the snake. that was the foreclosures working their way through this bank system. and it was more than they could digest. and they had an incentive, right, alexis? i mean, this is the key thing i want you to illuminate here, right? when you read the complaints like the one that were filed privately or by the ones that have been filed by state attorneys general, the question is why? why are they stringing along people? will you answer that question for me? are they just doing this to mess with people s lives. they re doing this to make money. the servicers are incentivized to pu ....
With who? the key thing to understand is there was a period of time when there was just a massive amount of foreclosures in this country that were just, like, working their way through the system. i think of it like the snake eating, like, eating the pig. right and you see the shape of the pig inside the snake. that was the foreclosures working their way through this bank system. and it was more than they could digest. and they had an incentive, right, alexis? i mean, this is the key thing i want you to illuminate here, right? when you read the complaints like the one that were filed privately or by the ones that have been filed by state attorneys general, the question is why? why are they stringing along people? will you answer that question for me? are they just doing this to mess with people s lives. they re doing this to make money. the servicers are incentivized to push people into foreclosure. the servicers are the ones who get the monthly loan payments from the homeowners. the ....
I think of it like the snake eating, like, eating the pig. right and you see the shape of the pig inside the snake. that was the foreclosures working their way through this bank system. and it was more than they could digest. and they had an incentive, right, alexis? i mean, this is the key thing i want you to illuminate here, right? when you read the complaints like the one that were filed privately or by the ones that have been filed by state attorneys general, the question is why? why are they stringing along people? will you answer that question for me? are they just doing this to mess with people s lives. they re doing this to make money. the servicers are incentivized to push people into foreclosure. the servicers are the ones who get the monthly loan payments from the homeowners. there s the investors who are sitting, you know, as recipients of complex mortgage-backed securities that brought down the financial system. investors are helped if people get loan modifications. ri ....
The bank takes your home. you haven t missed a payment. if you did that to your neighbor, you go to jail for stealing their home. you can t just take people s property for no reason, right? 20 times this happened. this is all servicers. and the servicers rules, cfbp, i have a lot of admiration, they look weak. they look like they re not up to the task. and it prompts the question, if the cfpb can t get good rules in place for servicers, who have been one of the most toss toxic aspects, what hope do question have for the rest of dodd/frank? on servicing, let me point out two things. one, i think the set of rules are pretty strong about exactly the things that are the most important. number one, like servicers should be able to tell you where you stand in the process. servicers ought to tell you what your options are if you re in trouble. there s a great number of homeowners still in trouble. third, operationally it should not be permitted to be in this business if you systematically ....