Today’s real estate quote of the day is from the CEO of the Mortgage Banker Association:
“You can’t modify someone if they don’t have income or a job. We have to be realistic going forward. If we are going to play a numbers game, we are going to see a smaller percentage of borrowers in default able to be modified. It’s an unfortunate and difficult fact we are going to have to face.”
John Courson, president and CEO of the MBA, Oct 13, 2009.
Hmm, I like that idea, verify someone has income before you modify their loan.