Comments on: Why Subprime Mortgages Aren’t Getting "Mods" http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-aren.html Mon, 23 Nov 2009 00:29:23 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-aren.html#comment-20136 Anonymous Wed, 08 Oct 2008 16:30:00 +0000 http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-arent-getting-mods/#comment-20136 There are more than enough honest and competent unemployed mortgage professionals to assist with the staffing problems. There are more than enough honest and competent unemployed mortgage professionals to assist with the staffing problems.

]]> By: Yves Smith http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-aren.html#comment-994 Yves Smith Fri, 05 Oct 2007 14:11:00 +0000 http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-arent-getting-mods/#comment-994 Anon of 8:40 AM,<br/><br/>The problem with these servicing agreements is that they are all private contracts. I will confess that I haven't gone looking, but I am not certain whether they are available through Edgar as an attachment to the securities offering.<br/><br/>And even if they were, someone would have to read a bunch to reach any conclusion. However, I would assume most of the big servicers, like Countrywide and Wells Fargo, have standard agreements so if you read the agreements of say 5 deals for the 5-10 top servicers, you'd have a very good idea.<br/><br/>I haven't seen anything that suggests that anyone has done that yet. Anon of 8:40 AM,

The problem with these servicing agreements is that they are all private contracts. I will confess that I haven’t gone looking, but I am not certain whether they are available through Edgar as an attachment to the securities offering.

And even if they were, someone would have to read a bunch to reach any conclusion. However, I would assume most of the big servicers, like Countrywide and Wells Fargo, have standard agreements so if you read the agreements of say 5 deals for the 5-10 top servicers, you’d have a very good idea.

I haven’t seen anything that suggests that anyone has done that yet.

]]> By: Anonymous http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-aren.html#comment-991 Anonymous Fri, 05 Oct 2007 12:40:00 +0000 http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-arent-getting-mods/#comment-991 Has anyone heard how much of the inability to do mods is due to the confusing/conflicting servicing agreements ? Has anyone heard how much of the inability to do mods is due to the confusing/conflicting servicing agreements ?

]]> By: Anonymous http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-aren.html#comment-983 Anonymous Thu, 04 Oct 2007 15:59:00 +0000 http://www.nakedcapitalism.com/2007/10/why-subprime-mortgages-arent-getting-mods/#comment-983 You are on the mark. This will throw a huge amount of sand in the gears in terms of a return to normal of the mortgage finance system. No standards yet exist about how & when to modify. Many of these securities structures actually contain inherent conflicts (that were never tested or strained before). The servicer, senior bond, subordinate bond holders all may have conflicting economic interests while the 'pooling & servicing agreement' says mods should be done when it's generally in the best interests of the security holders. I smell the lawyers lining up. You are on the mark. This will throw a huge amount of sand in the gears in terms of a return to normal of the mortgage finance system. No standards yet exist about how & when to modify. Many of these securities structures actually contain inherent conflicts (that were never tested or strained before). The servicer, senior bond, subordinate bond holders all may have conflicting economic interests while the ‘pooling & servicing agreement’ says mods should be done when it’s generally in the best interests of the security holders. I smell the lawyers lining up.

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