Why Banks Sell Your Mortgage
I wish a bank would adopt the slogans below:
I seriously doubt that any depository would commit to never sell its FRMs, but it is possible that they would do it for ARMs. The marketing possibilities are certainly intriguing. Here are some un-copyrighted tag lines: “We are your lender for life, guaranteed.” “We don’t abuse customers we plan to keep.” “We believe in long-term relationships, not casual encounters.”
Wouldn’t it be great if somebody cared about their customers more than they cared about short-term profits? Besides, the greed in going after the profits really got the banks nowhere. In fact, many of them have posted significant losses, and some will fail.