The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Tradelite who wrote (84781)	8/12/2007 7:22:11 AM
From: Elroy Jetson	Read Replies (1) of 306849

The biggest problem today is that the loans have been sold to "investors"/dupes around the world. The loan servicer often cannot act to sell the collateral without the specific approval of the loan owner - it depends on the servicing contract. The loan owners rights certainly cannot be restricted retroactively. The $417k limit for a conforming loan in California is enough to buy a studio apartment, or perhaps a one bedroom in Los Angeles - or maybe a small home in rural California. These foreclosures can be handled by Fannie Mae. Everything else is a jumbo loan and has been sold to parties who are not likely to feel comfortable relying exclusively on the advice of a real estate salesperson thousands of miles away in a foreign country. As for the servicing lender, the longer the process runs, the more fees they collect. Delays will not place them in any financial distress. .

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