Basically, that mortgage servicers "promised" (whatever that means, we don't find out. Obviously, it wasn't in writing.) to modify mortgages, but instead, they foreclosed on most properties and modified just 1%.
The second is that when explaining the rush-to-foreclosure process she says, “I think some of it was that they didn’t think borrowers were worth helping. There was some disdain for borrowers.”
Honest! And totally unproven because she doesn't go into detail. But it reminds us of the opposite of when Jamie Dimon said, "Giving debt relief to people who really need it. That's what foreclosure is."
It's a homeowner's worst nightmare: That banks rush to foreclose 99% of the time because (Bair suspects) bankers have a disdain for borrowers.
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