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 - Tractor Profile: Allis-Chalmers Model G - by Staff. The first Allis-Chalmers Model G was produced in 1948 in Gasden, Alabama, and was designed for vegetable gardeners, small farms and landscape businesses. It is a small compact tractor that came with a complete line of implements especially tailored for its unique design. It featured a rear-mounted Continental N62 four-cylinder engine with a 2-3/8 x 3-1/2 inch bore and stroke. The rear-mounted engine provided traction for the rear wheels while at the same time gave the tractor operator a gre
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