One really has to start wondering if the Grey Lady is now a trollop. The article looks very much like a P.R. piece for the industry. Additionally the article focuses on a Ms. Seymore a worker hired in 2009 and early on as a temp. Employees like this are not typically permitted and in fact warned not to speak to the Press. ... [more]
One really has to start wondering if the Grey Lady is now a trollop.
The article looks very much like a P.R. piece for the industry. Additionally the article focuses on a Ms. Seymore a worker hired in 2009 and early on as a temp. Employees like this are not typically permitted and in fact warned not to speak to the Press.
http://www.nytimes.com/2010/11/16/business/economy/16foreclose.html?ref=business
On the wall of Ms. Seymore’s cubicle is a placard warning Bank of America representatives to transfer callers from people like members of Congress, officials from regulatory agencies, attorneys general offices and the news media “to your team or unit manager ... no exceptions.”
On Friday morning, one caller told Ms. Seymore a familiar story: a lost job and a cascade of bills that could not be paid.
Behind on her mortgage payments by $60,000, the caller, from North Carolina, had been approved for a loan modification. But the foreclosure wheels were still turning, she told Ms. Seymore, and she feared they could not be stopped.
This time, the foreclosure was averted. While the caller could not her pay her credit card bills, she was able to come up with a $500 payment necessary to keep her home, at least for now.
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Response by Finance_Fan
almost 16 years ago
Posts: 32
Member since: Nov 2010
wow, that has to be a stressful job to have!
> In Simi Valley, another representative, Tammy Tipton, found herself dealing with a homeowner whose mortgage had been modified before, but was underwater again. The caller still owed about $900,000 on her house, payments had ceased, and like the North Carolina loan, the mortgage was held by an outside investor.
“Another modification would just leave them in the same position a year from now,” Ms. Tipton said. “It’s painful, and it’s not fair to either side.”
What's the point of delaying the inevitable for the homeowner perennially underwater? Each year that passes, the struggling homeowner loses time to start all over again (move to cheaper housing and start building real savings).
Ignored comment.
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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009
I guess working as a loan servicer representative is sort of doing g-d's work
wow, that has to be a stressful job to have!
> In Simi Valley, another representative, Tammy Tipton, found herself dealing with a homeowner whose mortgage had been modified before, but was underwater again. The caller still owed about $900,000 on her house, payments had ceased, and like the North Carolina loan, the mortgage was held by an outside investor.
“Another modification would just leave them in the same position a year from now,” Ms. Tipton said. “It’s painful, and it’s not fair to either side.”
What's the point of delaying the inevitable for the homeowner perennially underwater? Each year that passes, the struggling homeowner loses time to start all over again (move to cheaper housing and start building real savings).
I guess working as a loan servicer representative is sort of doing g-d's work