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Jeffrey Writes in About Mortgage Company Ethics

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“I have a quick question for you. What do you think of the sale of mortgages when consumers have no say over who the ultimate buyer of their mortgage will be? Say, you have a problem with one of the banks caught up in the sub-prime lending issues and your new mortgage with one of the companies that stayed above the fray is sold off to that other institution soon after you get the mortgage. What do you think the issues, if any, there are here?”

Jeffrey,

Interesting question.

If anyone else has a question you can send it to me right now, right here.

This is another collision of ethics and reality. From a consumer point of view it is wrong and I think a consumer could demonstrate that they have been harmed to be sold to a lower quality and less performing lender. But I think that consumer would have to fight this battle in a costly legal battle where they will be out gunned. AKA, consumer screwed.

According to the terms of the original mortgage the note can be sold on but I don’t think I’ve ever seen a statement about the quality of the lender that it can be sold to.

From the bank POV they are not going to want to hem themselves in to any particular lender and will deny any obligation to screen purchasers for suitability or fitness, however, there’s an argument. Maybe a point could be made that an inferior lender is not suitable under the Uniform Commercial Code? Doubtful but worth exploring with a lawyer friend if you’ve got one.

Steve

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