National Closing Center

Posts Tagged ‘securities’

From a recent column published in New York Post:

Just like homeowners, banks have taken a beating on the housing market. So if they think someone is foolish (or, we could say, “daring”) enough to invest in a pool of negative equity left in peoples’ houses, then why wouldn’t banks try to dump this sludge on these fools?
Investors buy the unpaid receivables from credit cards all the time.

I’m sure a lot of people are surprised and even outraged, but this is how the financial sector functions. As soon as the biggest storm is over, they’re back to business as usual. And, yes, as disappointing as it looks to a layperson, there’s no better way to do it.

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