Private mortgage market remains hamstrung by bad practice: Joseph Mason column
Foreclosures and put-backs are part of the same failed practices in mortgage underwriting.
Foreclosures continue to dominate the headlines in the US. The incentives that led originators to skimp in tracking title to the mortgages are related to the incentives under which they underwrote those loans. Those same incentives are being applied to modifications and other efforts to mitigate the damage. But maintaining the same incentives and expecting different results will continue to cause frustration.
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A mortgage is a set of contracts evidencing a
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