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Thursday, December 23, 2010

Dec. 15, 2010 Mortgage Services and Foreclosure Practices - CSPAN link



If the video is not working up above, please click here.

Two of the "stars" of this video are supposed to be Vanessa Fluker and Sandra Hines. I had a bit of a problem with both of their testimonies. Sandra Hines gave no financial details about what actually happened in her situation, and actually admitted she had relatives in
real estate that she found after being evicted from her home. Ms. Hines also mentioned that her mom had said to never refinance the house after it had been paid off.

Vanessa Fluker gave a powerful accounting of why banks may want to foreclose rather than modify a mortgage, but was she correct when she said that the banks collect 100% from mortgage insurance, and that it was 100% of the mortgage, not what the house's value may have plummeted to?

I want to give props to CSPAN for the embed feature that allow bloggers to embed a shorter clip if they desire, very cool. I wish Youtube had that feature, however, it appears that the embed feature is not working!

Can someone who know about mortgage insurance reimbursement please share their knowledge as to what is actually paid out when a claim is made by the bank? I had read that mortgage insurance only covered 20% of the value or 20% of the actual mortgage. That 20% figure seems low to me, but, is it 100% as Vanessa Fluker claims?

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