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Loan Modification

: Mortgage Lender Implode-o-Meter

THE MESS IS NOT OVER: EuroZone

By Implode-Explode Heavy Industries

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" Instead of selling the loans we keep them and then sell bonds against them, thereby "covering" them with the "asset." This works great until the underlying collateral quality goes to hell and the borrower defaults, at which point the bondholder has recourse against the issuing bank!"

Full post as published by Mortgage Lender Implode-o-Meter on December 17, 2009 (boomark / email).

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