This implies that the social, psychological or family disruption costs of breaching their mortgage contract must have been quite high.
This means that the Net Present Cost of the mortgage contract rose.
However, if someone is willing to buy the house from you then this offers you away to both extract your equity and get out of the mortgage contract.
Well, because one of the major downsides of buying a house is that your equity is locked up in it and you have this very long term mortgage contract that its hard to get out of.
For someone living in Las Vegas who got a 30-year fixed at 6.5% in 2007, its likely that their losses from failure-to-breach their mortgage contract exceeded the marginal cost of constructing the very house they were living in.
Washington Mutual is a servicing company that - they don't actually own your mortgage, and it's possible that servicing contract will be sold to someone else, and you'll be getting bills from someone else.
According to Katy Burne at The Wall Street Journal, Beal is working to bring bondholders together to investigate potential misrepresentations and contract breaches by the banks that sold residential mortgage-backed securities.
FORBES: Billionaire Banker Targeting Big Banks Over Mortgages
For the week ending April 9, the MBA reported that the average contract rate on a 30-year fixed-rate mortgage was 5.17%.
These failures represent canceled sales contracts resulting from unqualified mortgage applications, appraisal values below the sales price, unsatisfactory home inspections and unfulfilled contract contingencies.
In court filings, the firm has described the contract attorneys as highly qualified, some of them with special experience in the areas of mortgage backed securities.
FORBES: Corporate Lawyers Scratch Their Heads Over Citi Class-Action Fees
The settlement deals with so-called mortgage put-back claims that investors believe Bank of America must make good on because Countrywide breached contract provisions regarding the quality and type of loans that backed the securities.
FORBES: Big Investment Group Moves To Protect Its $8.5 Billion Settlement With Bank Of America
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