Almost all mortgages there days (including ARMs) are grouped together and sold to the financial community as securitized instruments. What this means is that whoever made the original loan does nothing but collect the payment and pass it along. They made their profit when they sold thr mortgages, they have nothing at risk now.
Some financial wizards have chopped the instruments up and then recombined them so many times ( making a profit each time) that it is like trying to find a particular pig in a truck load of sausage. Nobody really knows which mortgage belongs to which instrument. And the owners are all over the world.
Consequently, negotiations to lower interest rates amd avoiding foreclosure will be impossible in many cases.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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