Dear God – I love this post. And just before Good Friday and Easter – Thank you. Amen!
Living Lies: “If the investment banks and the investors are not losing money arising from “nonpayments”, forbearances sand moratoriums then who is losing money?
The myth is that servicers are losing money. That isn’t true. Mr. Cooper, Ocwen et al have no liability to investors. Who does?
It turns out that the investment banks have a theoretical discretionary liability to investors that they are only honoring because they are trying to sell more certificates. They have no obligation to actually make those payments because this is an “event” (in their contract with investors) that they could declare and thus temporarily or permanently reduce or suspend payments to investors.”
One Question, Mr . Cooper – Whaddah y’all do with the $29+ Trillion in Bailout money from the Federal Reserve from 2007-2010? http://www.levyinstitute.org/pubs/wp_698.pdf