Re-default is 76% and brand new loans after 2009 are 40% default. You heard it from the Horses mouth.

The Re-defaults are eating us up alive! Sorry to say this, but these dead beats have no business being in these homes. These are the very ones who obtained LIAR LOANS with 540 FICO scores and still remain in their homes after 48-72 months without paying a doggone dime! We modify these people and fix their huge defaulted balances and six months later they are back reapplying claiming another hardship, and consequently, they are six months in default. We are what you would call SPOC, Single Points of Contacts for borrowers, we are assigned up to 300 files and these borrowers remain in our pipelines indefinitely, so we are seeing the tendencies of the mindset, it's utter abuse and corruption, and the bank loves the reapplications, like I was told yesterday, we need the Gov't monies coming in, we don't care how many times they reapply, we keep getting paid, [SIC]!

Re-default is 76% and brand new loans after 2009 are 40% default. You heard it from the Horses mouth. BANKER WHO CURRENTLY WORKS IN LOSS MITIGATION FOR SECOND BIGGEST FINANCIAL FIRM IN COUNTRY!

Jul 26, 2013

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