A lot of people sent me a link to an article they found online.
Unfortunately, our mortgage was not one of those “risky” ones, nor one that was modified with government dollars in one of those now infamous bailout packages.
Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer.
How ironic would it be if our mortgage was tied into this mess as well? Like I said, our mortgage wasn’t one of those that were “bundled, sold, and re-sold”. We’ve always had the same mortgage company, and as far as I know, this doesn’t apply to us.
We’re still in a holding pattern, but we’re hoping things settle out by the end of the week. There is nothing more stressful than not knowing the plan. I’ve never been good with patience, but I sure am learning through this entire ordeal. We’re remaining strong in our faith, and once He reveals the plan to us, we gladly walk down that path.