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The Foreclosure-Based Economy: How It Works 0

By piecing together different stories from the news, we can start to see the Big Picture.

Sales create mortgages on which to foreclose:

In 2005, the couple tried to refinance by getting a fixed- rate mortgage to replace an adjustable-rate one. According to West, Option One said it was willing to provide a fixed-rate loan. When the couple went to sign the paperwork, West alleged that Option One, which is now part of American Home Mortgage, changed the terms of the loan to an interest-only mortgage for five years. West claimed she was subsequently threatened with a lawsuit by an unidentified title insurance company employee if she didn’t accept that deal.

Foreclosures create jobs:

In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in “foreclosure expert” jobs with no formal training, a Florida lawyer says.

The increases trickle through the economy:

Four employees of Lender Processing Services signed assignments transferring West’s mortgage, according to an affidavit submitted on her behalf by Lynn Szymoniak, a West Palm Beach attorney. They signed the documents as officers of American Home Mortgage Servicing Inc. and Option One Mortgage Corp. even though they were actually employed by Lender Processing Services, according to Szymoniak’s affidavit.

Leading to a better life for somebody or other:

October 13, 2010 | Posted by: Frank | Posted in: Masters of the Universe | Bookmark this post

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The Foreclosure-Based Economy: How It Works 0