Servicer Clinging to A$$ Offered a Deal to Banks Clinging to Assets

 Since 2013, maybe earlier, they lost money every quarter. The firm that bought them in later 2013 just dumped them in January 2016. How could that firm have made such a massive mistake? I hope they review the claims RCS execs made before they were acquired. So what was the big appeal? ResidentialCredit Solutions Inc. aimed to profit by buying and servicing distressed mortgages.

WELL, THEY DIDN'T. QUEUE THE EXCUSES.

"There's a real reluctance to sell assets right now," said Dennis Stowe, Residential Credit's president. 

OH! GUESS WHAT?  YOU WERE IN THE WRONG BUSINESS, COWGIRL.

"We can move the assets off their books and make it a sale, because we bring two things - capacity and capital," said Randy Appleyard, a senior vice president and the head of asset sourcing at Residential Credit. 

HOW ABOUT COMPETENCE AND COMPLIANCE, WRANGLER?

Mr. Stowe said he was surprised when the Hope Now alliance announced last week that its lender and servicer members would respond to borrowers within 45 days on whether they qualified for a loan modification.

"To me, that sounds like a long time to go by to get financials from a borrower," he said. It takes Residential Credit an average of 19 days from the time the company receives a financial package from a borrower until a modification is finalized, he said.

NOW THAT'S A PILE OF MANURE. 

"If a borrower is about to lose their home, it's not a two-minute phone call," Mr. Stowe said.

ABOUT TO LOSE HOME, OR MODIFY THE LOAN LIKE YOU SAID PREVIOUSLY, CHIPMUNK CHEEKS?

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