Follow the money! If mortgage servicers make more money on late fees and foreclosures, why would they embrace mortgage modifications?
Peter S. Goodman of the N. Y. Times talks to both sides.
Mortgage servicers deny any conflict of interest. They claim to not make money on mortgages in default, though the servicing contracts that hire them pay them more fees for mortgages in default.
Sorry, I have a hard time believing the servicers on this one.
Why Aren’t More Mortgage Modifications Happening?
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