I read in the WSJ today that Morgan's servicing unit (Saxon - remember them from the heydays of subprime?) has modiified only 6% of their servicing portfolio. That's not a surprise. Modifications, even the FNMA, Freddie MAC prime loan modifications are put on the back burner at all the major banks that I know of. These loans actually don't require much to close, less than a traditional refinance, but for some reason despite the easy approval process, they take much, much longer to get looked at.
It's odd since it's my understanding that the gross margins are actually pretty good on them. I guess it's just one of those things.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment