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Lenders Being Helpful-ish to Struggling Borrowers

Speaking of the meltdown of the subprime mortgage market, lenders may not be quite as evil as they seem. They’re just quasi-evil. For all of those suckers who took advantage of those interest-only or funny-money loans that seemed too good to be true? they were too good to be true. But now that times have changed and payments have risen, lenders want to “help.” Some have established counseling centers or other programs to help floundering borrowers work out a plan to avert foreclosure:

EMC Mortgage Corp., which has a $78 billion loan portfolio that includes subprime loans made to homeowners with weak credit, this week launched a 50-person team it calls “the Mod Squad.” Members will spend an unlimited time on the phone with troubled borrowers, sifting through their bills to compute a workable monthly payment. In an industry that often rewards workers for getting off the phone quickly, the team is preparing to speak to just three people a day.It almost brings a tear to our eye to see the pure benevolence of the lenders. We’re sure they just want to help families stay in their homes.
· Lenders Willing to Help Struggling Homeowners [MSNBC]