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Wow!
Just popped up on my feedreader.
No more Pick-a-Pay, no more anything that has a negative amortization. Period!
Can I keep my Calculator?
What about the cool spreadsheets I created?
Seriously, The Neg Am loan has a very valuable place in the finance world when properly used. I believe Wachovia (world Savings) had the highestperforming Neg Am Portfolio in the biz.
Wow!
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{ 3 comments… read them below or add one }
Wow! I’m surprised.
I figured World (Wachovia) would be the last company to eliminate the neg am loans.
I’m sure it’s become increasingly difficult to determine recast points when homes are declining in value across the country. It has to be tough to monitor that in as many markets as they have had to.
Thanks for the update Mike!
Yet another product going away because of two bit originators and mortgage companies pushing this product on the unwashed masses. I wonder if they will do a loan modification for an elderly lady that called me unaware that her loan balance is growing and she can’t afford the minimum payment on her fixed income? She should have never been put in the loan.
great comment Russell, its all a matter of time that the fixed income elderly ladies find out what some broker did to them, and then we need to come up with new ideas that will help them from lossing thier homes.
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