"But as I have studied the problem further, what I seem to be seeing is a pattern of steering poorly informed and deceptively informed borrowers into subprime products, even where that person might very well have qualified for a prime loan with better counseling or alternative structuring of the transaction."
Clearly this is a primary problem Bill.. But in my particular case my wife and I had already qualified for loans with two separate entities that knew us well.. Chase our original lender and servicer for 26 years and Legacy Bank with whom we have had checking, savings, and IRA accounts for many years. Both had rates roughly 1/2 point higher which I don't have to tell you is quite significant.
Consequently we went with the lower rate Town & Country offered because I knew and still know I can sniff out bad numbers from a mile away.. Been doing it for decades.. But what I didn't know in March 2005 was how corrupt the mortgage industry had become.
Mr Ed is considerably wiser now and as of 12/17/07 EMC/Bear has dropped my total escrow, corporate advances, and suspense balances to a grand total of $337. I'd like to think part of it is because of my tenaciousness and numbers savvy.
However I'm still $5-6,000 short of my recovery goal brought on entirely because I didn't know things like unjustified and unnecessary corporate advances, subsequent deductions from regular payments to pay illicit charges, nonexistent drive by “inspections,” and illegally holding payments etc., even existed..
But I am learning Bill. As we previously discussed I'd like to send you my contract and payment history to seek advice from your vast wealth of experience.
Ed Cage / email@example.com / 972-596-4363