There are many programs that the government and therefore we as taxpayers support that are critically vital to the well-being of a prosperous country. What I don’t understand is why the RM program that may benefit the borrower causes so much collateral damage. The lender made a bundle, the salesman made a substantial commission, yet taxpayers, neighbors and potentially heirs bear the negative impacts. I don’t recall ever co-signing on a RM loan so why should it negatively impact me? When the lender forecloses they contact the MMI Fund and are made whole. This is at our expense. Let the lenders bear ALL of the associated costs when the value of the foreclosed home is less than the accumulated fees and interest. I believe the lender may act far quicker in resolving property issues when a delay is costing them money.
What am I missing (please be gentle)?
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