Quote:
Originally Posted by 6oclockshadow
This is a very common practice--mortgages are asset-backed securities, that are bought and sold as such by investors. It's stated clearly in the application process, and it happens up there too with the same frequency. Non conforming loans are not sold, and typically offered through small local banks and credit unions.
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Oh I know it is common, doesn't make it right. Talk about complicating the simple.