When people read the news they get the spin, depending on the source. For instance, one source would lead people to believe that Saxon Mortgage is the best in foreclosure prevention, mortgage modifications, and corporate citizen of the year. Others tell a different story:
Fausto Ordoñez tells his story for what must be the 10th or the 15th time, but the edge in his voice is as fresh as if this were the first. It began near the end of 2007, as the Great Housing Crisis swept across the country and all but wiped out Ordoñez’s real estate business in the Dallas-Fort Worth area.
Unable to keep up with his mortgage payments, Ordoñez turned to his mortgage company, Texas-based Saxon Mortgage Services, looking for options to help him save his home. Yet more than a year later, as the crisis deepened and the federal government rolled out its multibillion-dollar homeowner relief initiative, Ordoñez’s fate was as unclear as ever—and his drawn-out negotiations with Saxon had turned into a nightmare.
The quote comes from an article in Mother Jones News written by Andy Kroll. Andy was nice enough to contact us. You can read his entire article here.
The title is “The Foreclosure Rescue Mirage.”