Posted by DJ on October 23, 2001 at 07:58:20:
They are just buying the paper, the revenue if you will. Of course they will have 1st position on title should the occupants default. It’s just like the big lenders. Most of them don’t shelf their loans, they sell them on the secondary market for a profit. They don’t want the house itself anymore than your bank or mortgage company wants yours. They want the income generated by the loan. It’s a numbers game.