Friday, October 2, 2009

The Debts of the Lenders: PIMCO Meets w/Homeowner Advocacy Group

Talk about opposing views! PIMCO representatives recently met w/a homeowner advocacy group clamoring for principal reductions and loan forgiveness. Mohamed El Arian, PIMCO co-CEO, sat down with the group after they threatened to bus 500 protesters to demonstrate outside the corporate office.

"Homeowner" is really a misnomer here as the term implies 100% equity ownership. Instead, "LTV, HELOC ARM borrowers" clamoring for bailouts sounds more appropriate.

Still, the two sides managed to lay blame on a 3rd party - loan servicers.
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