That is brilliant....and really a quite good laymans description of the securitization process. It's not quite as bad as depicted in that only 1 in 20 mortgages are behind in their payments....not a good ratio by any means but not quite as bad as many think. We used to call those kinds of loans NINA loans.....No Income No Assets. Dumb is forever......
iwork for one of those companys's yes not all mortgages are behnd but they let every thing else go ..personal loans.credit cards are all way behnd so are alot of seconds ..... most of the arm loans went to mid-america and most were retired persons owning their homes but needed cash to do repairs..medical etc.... it is very sad I have to talk to these people every day now they dont qualify for any assistance at all somedays I really dont like the work I do but at least my job has yet to go to the philippines or India at least not this week
Diane, I would much rather be talking to you than the Indian lady I spoke with this morning. She was very nice and professional, but I said so many Excuse me's because I couldn't understand her that the conversation was very frustrating for me. Plus, the psychological aspect of dealing with someone whose job should be in the U.S. added to my negative feelings during the call. It turned out OK, but I wish I had spoken with a U.S. person. How's our boy doing? I hope the upcoming baseball season has him pumped up. The Dodgers should be competitive in the very tough NL West.
I hear the same thing all day long.. they are even rude to us when they have to transfer calls . I really hate talking to any one in India anymore they have no concept of American life style or anything similar,, Our boy is doing better now that he knows he will be working next year I am still working on the main project though.. He is really looking for a house for us to move to the desert .. I think the 101 miles a day is getting to him. He did say we would be back there in the fall.....