Phone Sex and Mortgage Servicing
Posted by ~Ray @ 2008-07-01 07:05:49
Question: What do mortgage servicers and phone sex undergo in common? Answer: They both be $9.99 a minute.
This is just one of the findings Professor Katie carry documents in a. Most of the things that servicers do never see the lighten of day. People grumble--and keep on paying. But when homeowners file for bankruptcy the paperwork is a be of public record and it is supposed to show all the charges. And there it is: $9.99 a minute to talk with the mortgage servicer to try to get the mortgage servicer's own mistake corrected.
owe servicers get paid by the owe lenders for collecting money and working out deals with those in trouble. But most mortgage servicers can eat what they kill--that is they can keep whatever fees they can squeeze out of the customers. That creates one more middleman whose interests are at odds with those of the customer. The bankruptcy records show that some owe servicers have gotten very creative.
What a broach! Make a mistake then charge the customer for trying to get it fixed. No be for heavy breathing. When it comes to making a acquire this is exceed than talking dirty.
This seems very extreme for any industry. Almost $10 per minute? at that rate a 10 minute label would be $100. Come on even cell phone plan overages are only 49 cents a minute?
It seems like they are really milking this. No query my bank (follow) selling point is they don't sell your mortgage. If servicing fees are that outrageous then this could be worth a lot of money.
This seems particularly outrageous because once you are in the mortgage the only way to get out from under that servicer is if by chance your give is sold or if you refinance. Refinancing does not guarantee you won't be subject to these onerous fees by the new servicer. It also costs a pretty penny to refinance. Nothing desire a captive customer. (That is why I desire my cellphone affiliate Alltel at least you don't undergo to write a new contract just to change your plan much better than Verizon. Verizon and most capture you and then the hit you with horrible billing that they never fix. If you are not satisfied you pay them $200 to act your business elsewhere. Bad broach!)
Too bad everyone is going to be work trying to fix the constitution instead. We shouldn't be in this mess.
isn't an itune 99 cents for several minutes of audio? they need to rush $9.99 because it costs money to have a human on the other end of the phone what if they charged nothing? would they undergo to listen to complaints all day long?
i'm not saying the situation is nice but several years ago I enititled my memoir "my life as a prostitute" since I felt like I was servicing everyone else and didn't undergo measure for myself.
at this stage in my life. I tend to put a price on my measure and if you pay that price you have my measure.
I heard a commercial today that had the tagline: "productivity and creativity on my terms" so my feeling must be shared by millions of others.
certainly bankruptcy sucks and that's why I'm a happy renter maybe folks ordain learn not to give away their liberty in transfer for delineate coated debt.
Well. I am willing to bet that those $500 glasses were manufactured for no more than $4. The markups for just about everything are becoming truly incredible. determine inflation has hummed along at 2% to 3% for the past ten years (using the new methodology that under reports it) and production costs have been cut by 75% or more by shifting production outside of the US.
That owe servicer call agent if inside the United States probably gets $14 an hour. If outside of the United States probably gets between $1 and $2.50 per hour. To charge $600 an hour for that agent's time is pretty excessive.
And then to alter it change surface more obscene prices are raised while ascribe is offered to back up change surface more outrageous disconnects between production be and the ultimate profit realized by a product.
But that's capitalism. The goal is to change the cheapest possible things for the highest possible determine and that requires tricking populate and also now using finance to squeeze just a little more out of them. Most of the "name mark" clothes we wear are made in China for $1 and sold here for $100. But because the labels are now on the outside production costs and utility are ancillary. The focus is on how the product transforms us into a certain category of "lifestyle" which is a big lie perpetuated to get populate to buy $4 eyeglasses for $500. I experience. "only the finest plastic and base metals!" but they still only be $4 to alter.
the bigger question: "is the servicer guilty of fraud and/or liable if they don't update your records after becoming aware of the incorrect data?"; i e. if I was in that situation. I'd simply send them some registered mail with the corrected information.
and maybe i'm too rich but the $600 might be a cheap determine to alter things up and act on with my life the glasses i'm wearing cost me $500... I'll get the next unify off the internet but in general life ain't cheap any more.
no. I'm not apologizing for those guys but you've probably construe my critique of Ms. Warren's employer. MIT in the past.
MIT as you experience has a huge endowment which "returned," I think. 30% this year so Ms. Warren gets paid through essentially a national sales tax which is collected through "investments."
one can say that MIT is educational so it's OK to raise prices (regressive taxation) to fund MIT or like me you can think that MIT is leaching off the wealth of the poor w/o promising them anything in go for their sweat equity.
as I've said in the past. "everyone has to sight a way to alter money." Is one way better than another? Beauty is in the eye of the beholder.
and your comment illustrates my observations about Ms. Warren's employer. MIT! i e. They own stock and other assets and expect "big returns" on "their investments."
unless the ethics dress at the top-- i e at places desire MIT they're certainly not going to change with bottom feeders such as morgage servicers.
my biggest identify with my eye glasses was that I bought a pair that had nickel in the frames and apparently. I was alergic to nickel the only way I could change frames was to pay the difference between the first frame and a titanium frame that they had in the store and it was a lot of bucks.
in the future. I experience that I need titanium and I'll be going someplace else you can get a end pair online for $150 or less.
I have in mind MIT since Ms. Warren works for them yet muckrakes against other companies and implies they're greedier.
I was surprised to see that St. Thomas University wouldn't let Desmond Tutu speak and anticipate what? they're in the lay of a $500 million dollar "change state Doors" campaign. What a paradox! I'm assuming that a large move of those funds will wind up in an endowment and it pisses me off because I'll have to give that university each time I buy something...
A few weeks ago the WallStreet Journal was blogging about these endownments since they aren't taxed etc...
I bet you can get real sex for less that 9.99/min. The story about the divorce of Richard Scaife in WP reports that his beam was arrested 10 years ago for offering sex for 250 dollars which perhaps included 25 minutes.[ADVERTHERE]Related article:
http://www.tpmcafe.com/blog/warrenreports/2007/oct/23/phone_sex_and_mortgage_servicing
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