Over the past few days, I've had several conversations and have received a number of emails concerning the underwater mortgage series I posted recently.
Rick Friess, one of my former colleagues, commented on the series and provided two additional sources of concern. Because I suspect many people missed his comment, I'm copying it here:
I agree with your analysis, and I see at least two other reasons this plan will not work. First, many, if not most, of the loans are likely refiances, not purchase-money loans, so the lenders will have recourse against the borrower. Thus, if the lender is ...
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