Being a professional in the Loan Modification arena (www.fixmyreport.com and theloanmodificationblog.com) and an investor, I too agree with the Mr. Frey's upset.
Granted, all Lenders have a fiduciary responsibility to protect shareholders and investors to create a return on investment that’s consistent with risk and reward. The ARM loans and a variety of other interest only loan products created by "big brained" people proved to huge yields but are now - "all of a sudden" terrible on performance.
Investors have been making out like bandits for years and now feel the sting of loss. There where certainly no complaints when bank stocks rose and split several times these past few years...Sometimes you just ‘gotta give back a little profit. Dont be such an ass Mr. Frey.
The clear short sightedness of Frey concerns me though. The banks now empowered to assist people in challenging situations will only cause greater separation from an already disjointed economy. The potential additional losses to be taken by the banks based upon Frey's position will be extraordinary and very far reaching, for many years.
Get yourself and your mind out of what "doesn't work" and consider a different view of what could be possible with a common solution that considers a bit of compromise on either side. Frey, you’re a smart and successful man. Do YOU want to manage these homes? Hey, I got an idea....come on over and collect my rent!
Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.
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