Worked there wrote:
“first for Ed Cage. i have been in the mortgage business for 15 years.
i would understand alot. i have always worked for "lenders" so i would
say i know what the difference is between a "borrower" and a "lender".
Thanks though. I have never had a problem with anyone applying my
payments late, whether it was a credit card, auto or mortgage payment
(my servicer is Wamu). Maybe i have just ben "lucky".... for beenawhile-
i did work for Bear Stearns, i just got laid off last week. I was an
underwriter there, and i will stick around and LEARN ALOT i hope.”
Dear worked there:
My mistake; I made an error. I meant to say the difference between lenders
and servicers rather than “borrowers.” I always admit my errors. As you can
see in my footnote I did say, “Lenders and Servicers are two different
I must say that if you were a “Bear Stearns underwriter” as you claim the
Bear is in much worse shape than I thought.. I can’t make myself believe
that you have much in the way of formal education, much less the basic
communications skills required to be a Bear Underwriter as you claim.
As for your plan after being laid off: “i will stick around and LEARN A LOT
i hope.” That’s commendable Mr. worked there but I don’t see another
underwriting job in your future. You have the communications skills of a
I will give you credit for this explanation you offered, “Maybe i have just
So here’s my post as it reads with “servicers” inserted for borrowers as
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worked there wrote:
"what do you know about the business anyway? "manufactured
foreclosures". are you aware that it costs a lender more money if
people default on their loans than they would make to keep servicing
it?Lenders do not want people in foreclosure."
Dear "worked there"
Can it be that you don't even understand the difference between
"lenders" and "servicers" and what they do?
Can it be that you don't understand that foreclosures are more
often than not *profitable* to the lender? Ever heard the terms
"equity" or “turning a very fast profit?”
Is it possible you don't understand that if the lender felt it would be
financially prudent not to foreclose immediately they could find a
way not to be forced into it? Yes they do indeed “manufacture”
reasons to foreclose.
And then there's this from Mr worked there:
" crediting payments late? i have never had a late payment on
anything because i dont make them late! That is really a very
stupid conspiracy theory."
Earth to "worked there":
Where have you been? A primary reason for the existence of this
MSF forum is because the servicers do indeed, actually delay the
application of payments. That's only 1 of hundreds of illicit tricks
used by the fraudsters… In no small part the sense of security that
encouraged firms like Citi Residential, EMC / Bear Stearns, AMC,
and Ameriquest to quite blatantly pull these scams was brought on
by the naivety of people like you who thought, "They wouldn't do that..
I've experienced a lot of cHucKLe:-)heAds in my 63 years but you
take the prize worked there...
Ed Cage / firstname.lastname@example.org / 972-596-4363
* Dear worked there: Lenders and Servicers are two different animals.
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