Investor Tired of Servicers Not Modifying Takes Action

You know how when you call Bank of America to request a loan modification they're always so helpful and do everything so quickly... NOT. And Countrywide too? Yeah, right. And GMAC? You betcha'.

And you know how they often seem to prefer foreclosing to anything else? And how they always blame it on the investor, saying that they can't possibly do anything because the investor won't let them even though it seems like the investor would make more money by modifying the loan?

Well, as it turns out, one investor, Impac Funding/Impac Holdings, has run a calculator on this and discovered that you’ve been right all along. They would in fact be better off modifying… but they can't seem to get servicers like Bank of America, Countrywide, and GMAC to do anything but foreclose. How's that for a switch?

So, here's what happened...