We built our success one customer at a time and that's what this foreclosure problem is going to take
St. Petersburg, FL (PRWEB) March 27, 2007
The recent weeks and months of foreclosures and lending operation failures in the United States have eroded the American dream of home ownership more so than at any time in recent history. That is if one believes the headlines from across the nation and in mortgage industry publications.
"This is an absolutely shameful portrait of who we are in the mortgage industry," said Bill Edwards, Chairman of Mortgage Investors Corporation. "We are better than this. If you look at the headlines about our industry, none of them are good. We can get this 'foreclosure boom' wrestled back under control, but it's going to take some concessions.
Edwards points out that the mortgage industry must get control of this situation themselves because there is a real chance that some may call for government intervention resulting in new laws and regulations that restrict lenders' flexibility to resolve the situation.
"If new regulations or laws are passed now, our industry can be sanctioned or regulated to an extent that won't help the homeowners or the lenders," Edwards said. "We need to be able to retain our flexibility to provide solutions from the private sector--new, stiffer lending laws and regulations can't help those already in trouble."
What Edwards and MIC proposes are loan modifications and streamline refinancing as alternatives to foreclosures for lenders. MIC offers lenders their services to manage the entire process--from the initial customer contact to completing the loan modifications.
"This 'foreclosure boom' isn't just a subprime lending problem," Edwards said. "It's as much a 'real prime' problem as anything. The majority of these homeowners are hard working Americans who still have their jobs, but their low interest adjustable rate mortgages are now being reset to higher rates and their credit card debt along with the price of gas and oil have risen. The only thing that hasn't changed is their income. As an industry we have to look at alternatives that can benefit both homeowners and lenders and we think we can do that."
Edwards and his associates are also quick to explain how they built the success of Mortgage Investors Corporation on a solid foundation of customer service. Under his leadership MIC became the nation's largest lender in the Veteran home loan industry over the past 12 years.
"We built our success one customer at a time and that's what this foreclosure problem is going to take," said Edwards.
For more information about MIC visit http://www.mortgageinvestors.com.