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Rough Cuts

End of the line for a borrower

Monday, May 06, 2013 - 02:04

While mortgage bond investors are benefiting from the Fed’s policies, borrowers who underpin the bonds, such as Stephen Monzione, are still defaulting. Monzione talks about the home he bought in 2005 with the help of a subprime loan, and that he’s now losing.

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How did you decide to be in this area -- kind of victory in that area to. Some days you know you action tired. And I'm. I -- wind -- -- instantly if I let my parish -- in eleven months each. Alas my mother and my father mostly. Yeah after we sold everything in the house and I got my inheritance. I. That is spending too fast this. The price is right it was a real fixer upper and I bought it and and they got to immediately ahead you know credit history I was staff. My school was over 500 and some but we're -- home business and missed a few of those kids. They're nice cars and foreclosures so it. And you decide to foreclosure. So we filed the lawsuit adversary proceeding against that predatory lending. And -- you starting at Charlotte. We're not international. Procedures today. He tried immediately find it and go to court. And they try to forget it for a 166000. Dollars and 830000. For the problems. In right now the values of going back. And he warned every single penalty. And it can knock them and 1520. And I -- And I could provide me. -- the city's interest if anything correctly long term Monday in you know reasonable rate -- -- try to apply for programs. But once -- papers qualified certain programs. That analyze and -- I iced it every program was at war stories -- news and notes and -- eligible. And I thought it was some of these programs -- And it. It's all else and it. You can't get it.

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End of the line for a borrower

Monday, May 06, 2013 - 02:04